华尔街巨头涌入Hyperliquid：ETF吸金速度超Solana

On May 27th, 2026, the man who runs the company that owns the New York Stock Exchange stood up at a Bernstein conference and called a crypto exchange bigger than NASDAQ. His exact words, quote, if you haven't heard about it, it's bigger than NASDAQ. Okay, it's 11 people. And in the space of just a few weeks, Goldman Sachs, Andre Cene, Horowitz, Gayscale, and two separate spot ETFs have all piled into the exact same asset. 18 months ago, this was a cryptonative exchange that most of Wall Street had never heard of.

Today, it's a top 10 cryptocurrency trading at an all-time high of around $74, up roughly 199% year to date. The truly extraordinary part here is the timing because all of this big money is fomoing in just days before roughly 714 million worth of insider tokens unlock onto the open market. So today we'll lay out exactly who has arrived and why. Dismantle the one engine that everyone is bullish on and show you the supply cliff that the smart money is buying directly into.

My name is Louis and you're watching the Coin Bureau. Now before we get into whether this is genius or greed, you need to understand what these institutions are actually buying. Hyperlid is a decentralized exchange built on its own layer 1 blockchain and its specialty is perpetual futures trading. Put simply, it's a crypto derivatives venue that feels as fast as a centralized exchange, but settles onchain where every position is visible and the numbers underneath it are genuinely serious.

In 2025, Hyperlid did around $800 million in revenue. It processed roughly $2.9 trillion in perpetual futures volume, and it commands over 70% of all decentralized perpetual open interest. Unlike typical crypto speculation, this is a real business generating actual cash flow, which is precisely why the establishment suddenly cares. So let's start with the stampede itself because the scale of it is the part that demands an explanation.

In miday, two spot hype ETFs went live. 21 shares launched THYP on the 11th and Bitwise launched BHYP on the 14th. And these things did not crawl out of the gate. Within roughly 13 trading sessions, they pulled in over $136 million in commulative net inflows. Now, to put that into context, here's the stat that should make you sit up. In their first 10 days, these ETFs absorbed around 1.04% of Hype's entire market cap.

Compare that to the early ETFs of the Giants. Bitcoin ETFs absorbed 0.59% in their first 10 days. Ethereum managed 0.41%. Salana just 0.31. So on a size adjusted basis, the hype ETFs penetrated nearly three and a half times faster than Salana did. One Bitwise analyst called it the best singleasset crypto ETP launch since Bitcoin itself. And Gayscale isn't sitting this one out either. Their staking ETF, Hype G, has filed multiple amendments with the SEC, undercutting everyone on fees at 0.29% 29% with a seed plan worth roughly $130 million.

Then there's Goldman Sachs. In its Q113F filing, Goldman disclosed a stake in the NASDAQ listed Treasury vehicle. Now, the position itself is small, roughly around $3.3 million. But here is the signal that matters. In the very same quarter, Goldman fully liquidated its XRP ETF holdings, fully liquidated its Salana ETF holdings, and cut its Ethereum exposure by 70%. Frankly, that's a full-blown rotation. And finally, the venture giants onchain analysts at Look on Chain and Arkham have linked a cluster of wallets to Andre and Horowits that accumulated roughly 3.9 million hype since midappril worth around $192 million.

Now, I have to flag that A16Z hasn't publicly confirmed those wallets. So, treat that as attribution, not gospel, but at least one of those wallets is staking, which signals a long-term hold rather than a quick flip. So, that's the establishment arriving all at once. The single most aggressive bet here comes from a completely different player, a publicly traded company trading on NASDAQ under the ticker PRR. Hyperlquid Strategies is quite simply the Micro Strategy playbook pointed straight at hype and the origin story tells you everything.

This company was born from a reverse merger where a former biotech firm called Sonnet Biootherrapeutics was essentially hollowed out and repurposed as a hype treasury vehicle in December of 2025. Today, it holds 20 million hype tokens plus around $13 million in cash. It carries a market cap of about $1.46 billion. And running the board is Bob Diamond, the former CEO of Barclays. When the man who once ran one of the world's largest investment banks shows up on your crypto treasury board, the establishment has officially arrived.

In Q1, the company posted net income of $152.5 million. That sounds spectacular. But here is the part the headline conveniently leaves out. That profit is almost entirely unrealized mark-to-market gains on its hype holdings. And if you zoom out to the full 9-month period ending March 31st, the company actually posted a net loss of $165.4 million. So, this knife cuts both ways. When hype goes up, the paper gains look incredible.

When hype falls, those gains vaporize instantly. You might assume that's just a quirky accounting story with no real market impact. However, that assumption ignores what happens on June 26th because on that date, per purr joins the Russell 3000 index and index inclusion triggers mechanical forced buying from passive funds that track that index. These funds don't care about price, valuation, or unlock schedules. they simply have to buy.

So this manufactures a structural bid underneath the stock, but it also chains hype's fate to a leveraged treasury vehicle, the exact same model we have watched amplify gains on the way up and accelerated pain on the way down. So let's be fair to the bullcase for a moment because the fundamentals genuinely justify some of this. The real engine here is the buyback. Roughly 97 to 99% of all platform trading fees are routed into an automated fund that continuously buys hype on the open market.

Put simply, the more people trade, the more hype gets bought and removed from circulation. That mechanism removes an estimated 14% of circulating supply every single year. To date, it has executed over $1.3 billion in communive buybacks. That is a genuine cash machine. Bitwise's CIO has gone as far as framing Hyperlid as a quote super app targeting the $600 trillion global asset market. Arthur Hayes calls hype a generational asset with a $150 price target.

So, the bullcase is not stupid. It's real. But that very engine everyone is in love with is also the hidden risk that almost nobody is pricing in. And before we get into that, if you want to track this unlock and these institutional flows as they actually happen, jump into the Coin Bureau Telegram channel. That's where we share breaking news, onchain alpha, and the market updates that matter the second they land. The link is down in the description down below, or just scan the QR code that's on the screen.

Okay, so let's get back to it because this is the part that flips the entire narrative. That beloved buyback engine is 100% volume dependent. Every dollar of buying comes from trading fees. So in a bull market, it's a beautiful flywheel. More volume means more fees, which means more buybacks, which pushes the price higher, which attracts more traders. But here is the brutal reality. That flywheel runs in reverse just as easily.

And the data already shows it turning. In Q3 2025, buybacks hit $316.76 million. By Q4, they fell to $255 million. And by Q1 2026, they dropped again to just 192.25 million. That's a decline of roughly 39% in two quarters, while the price was climbing to all-time highs. So, the exact mechanism that everyone is bullish on is the first thing to break when the cycle turns. Less volume, fewer buybacks, falling price, less interest, even less volume.

Now, stacked timing on top of that, around June 6, approximately 9.92 million hype tokens unlock. At current prices, that's roughly $714 million hitting the market. And those to

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