Hyperliquid Reports $38M in Monthly Revenue, Grayscale Says
Grayscale says Hyperliquid generated $38 million in revenue last month, including income from third-party channels such as Builder Codes and HIP-3 markets. The figure adds to more than $1.4 billion in cumulative protocol revenue. Hyperliquid has also carried out more than $1.26 billion in HYPE buybacks. The reported revenue may support confidence in Hyperliquid’s business model, though it does not guarantee token price gains. Prediction-market odds for HYPE reaching $100 by year-end were reported at 74%, down from 81% over the previous 24 hours, indicating some cooling in trader expectations.
Bullish
The reported $38 million in monthly revenue is a positive fundamental signal for Hyperliquid. Sustained revenue, more than $1.4 billion in cumulative protocol revenue and substantial HYPE buybacks may strengthen the case that the protocol has meaningful activity and a mechanism linking usage with token demand. Similar revenue-growth announcements in crypto have sometimes supported short-term optimism, especially when traders expect buybacks or other value-accrual mechanisms to continue. However, the article does not provide a comparison with the prior month or independently verify the revenue breakdown, so the figure alone is not enough to establish an accelerating trend. The prediction-market odds for HYPE reaching $100 fell from 81% to 74%, suggesting expectations have already softened despite the revenue report. In the short term, traders may respond positively, but price action will also depend on broader market conditions, derivatives positioning and follow-up data. Over the longer term, continued revenue and buybacks could support sentiment; weaker activity, regulatory pressure or a wider crypto downturn could outweigh this signal. The expected impact is therefore positive, but not conclusive.