Markets· ★★★· bullish· September 19, 02:45

HYPE hits all-time high as Hyperliquid Strategies buys 4.28M tokens in three weeks

—Hyperliquid Strategies bought 4.28 million HYPE for about $385 million in three weeks
—Purchases equal about 1.4% of turnover and 7.5 times more than the Assistance Fund
—About 33.4 million HYPE (11% of turnover) changed hands at $80
—Company cash assets rose to $245 million, P/NAV at 1.24

Why it matters: Large institutional purchases support HYPE at highs, but the price doubling while revenue fell 50% points to built-in optimism.