Hyperliquid Crosses $1b in buybacks
Weekly Market Update #108
This week’s edition is brought to you by TenX Protocols Inc., a multi-asset digital treasury for Solana, Sui, and Sei, where Networks Become Revenue.
Before jumping into last week’s action, check out our latest research piece on LayerTwo Labs:
Weekly Market Developments
MetaMask rolled out a crypto debit card for users in the United States – link
Pump.fun expanded its platform to support tokens that are not native to Solana – link
Angle Protocol revealed plans to shut down and wind down its operations – link
Solana Foundation launched Payments.org to promote broader adoption of crypto payments – link
Meteora unveiled Dynamic Terminal, a new tool designed for advanced liquidity provider management – link
Starknet introduced strkBTC, a wrapped Bitcoin asset designed for its ecosystem – link
Binance Wallet released the first set of AI Agent Skills within its platform – link
Aave Chan Initiative founder Marc Zeller plans to step away from Aave governance in July amid ongoing tensions – link
MetaDAO rolled out new governance tools aimed at improving DAO coordination – link
Fear & Greed Index
ETF Flows
BTC spot ETFs: Net inflows totaled +$692M across the four sessions, driven by a sharp reversal after a weak start. Feb 23 saw the only outflow day at about -$191M, then flows flipped positive on Feb 24 (+$249M) and accelerated on Feb 25 (+$385M) and Feb 26 (+$248M). IBIT dominated the week with +$536M, with smaller support from BITB (+$68M), HODL (+$35M), FBTC (+$34M), and ARKB (+$19M).
ETH spot ETFs: Net inflows were +$116M, but they were highly concentrated on Feb 25. The week opened with -$49.5M on Feb 23, turned slightly positive on Feb 24 (+$9M), surged on Feb 25 (+$157M), then finished essentially flat on Feb 26 (-$1M). Flows were led by ETHE (+$40.5M), FETH (+$39.4M), and ETH (+$35.2M), while ETHA was roughly flat at +$1.2M.
Spotlight: Hyperliquid Crosses $1b in buybacks & $4Trillion in Cumulative Perpetual Futures Volume.
Hyperliquid’s cumulative perpetual futures volume has reached ~$4 trillion, roughly three years after launch. The pace of growth has been nonlinear. The first $1T took 733 days, the second just 141 days, the third only 88 days, and the fourth ~141 days.
Separately, the Hyperliquid Assistance Fund surpassed $1B in total buybacks, just over 15 months after $HYPE went live. A total of 41.71M HYPE, currently worth ~$1.35B, has been permanently burned, representing 4.17% of total supply.
The combination of accelerating volume growth and a sustained burn mechanism underscores the flywheel at work: more volume generates more fees, which funds more buybacks, which reduces circulating supply.
Top Gainers & Losers
Altcoin performance this week was led by NEAR, which surged +36% after the protocol unveiled near.com, a new AI-powered crypto super-app designed to unify cross-chain activity, enable confidential transactions, and allow AI agents to execute on-chain actions.
Conversely, ATOM and GLM what drifted lower alongside general altcoin rotation, while AR and BCH posted moderate declines as capital rotated into higher-momentum narratives such as AI infrastructure and multichain platforms.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky, and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose, and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.