HYPE price could suffer as Binance takes its revenue: Alice Liu

CoinMarketCap Head of Research Alice Liu says the recent surge in Hyperliquid (HYPE) price is largely driven by token buybacks funded by the platform’s revenue. She cautions that the sustainability of this price momentum depends on whether the network can continue generating sufficient revenue, especially as Binance expands into the same market.

Bitcoin context

Bitcoin recently rose to about $81,600, lifting the Crypto Fear & Greed Index back to “Greed” after a year of “Fear”. Liu notes that Bitcoin appears to have found a bottom near $59,000, a level 53% below its all‑time high.

Hyperliquid activity and market share

Liu highlights two key factors for Hyperliquid: network activity and token price. While Hyperliquid still leads decentralized exchanges (DEX) for tokenized real‑world asset perpetual futures (RWAs), Binance has captured roughly 50% of the overall market share for these products.

• Hyperliquid’s 30‑day price gain: +47.5%.
• Binance’s entry has shifted volume and liquidity toward its platform.

Token buybacks as price support

Hyperliquid has spent over $400 million USD on buying back HYPE tokens, contributing to a recent all‑time high of $86. The token’s supply remains tightly locked, with only a small portion unlocked, meaning future unlocks will be gradual.

Risks from revenue dependence

Liu warns that if network activity declines, revenue may fall short of supporting continued buybacks, which could pressure the HYPE price.

AI‑crypto narrative

She is skeptical about AI‑focused tokens lacking utility, suggesting many could lose value, while acknowledging that solid AI infrastructure projects may retain utility but likely at discounted prices.

Outlook for Bitcoin

Liu offers a conservative view on Bitcoin’s long‑term trajectory, suggesting a target around $500 k by 2030, while acknowledging higher estimates from other market figures.