Hyperliquid's native token HYPE received a dual boost on Monday: a compelling endorsement from the influential research firm Citrini Research, and the activation of Coinbase as the official USDC treasury wallet deployer for the decentralized exchange.
Citrini Research, known for sparking AI-related market fears in February, published a paywalled report calling Hyperliquid a "compelling" idea. The firm highlighted that HYPE generates legitimate cash flow and features a systematic buyback mechanism, contrasting it with "the memetic majority of crypto (bitcoin included)." According to excerpts shared on social media, the platform has generated $1.06 billion in annualized fees and roughly $220 billion in 30-day perpetual futures volume, per DeFiLlama data. Over 90% of fees flow into the Assistance Fund, a buyback vehicle that has accumulated more than $2 billion in cumulative HYPE purchases since January 2025—accounting for nearly half of all token buyback activity across crypto last year.
Simultaneously, Coinbase confirmed it had activated the AQAv2 framework through two designated treasury wallet addresses, taking on the role of official USDC deployer for Hyperliquid. The setup routes most yield from Hyperliquid’s USDC reserves back into the protocol, potentially adding up to $200 million in annual revenue. On-chain data shows one wallet already holds over $32 million in staked HYPE. The move deepens Coinbase’s involvement with Hyperliquid at a time when decentralized derivatives trading remains elevated, and comes as the CFTC recently opened the door for regulated crypto perpetual futures products in the U.S., triggering a race among exchanges like Coinbase and Kraken to capture demand.
HYPE rallied 12% to near $64, rebounding from an intraday low near $57, while COIN stock gained 6.8% to $162.77, holding above key support at $141. Hyperliquid’s ecosystem continues to show strength, with the HIP-3 exchange Trade.xyz recording a record $16.18 billion in weekly volume, and Kraken recently launching HYPE staking. Investors now watch whether the combination of research validation and Coinbase’s custody role can sustain HYPE’s momentum amid a broader market recovery.
