Citrini, the research firm that caused AI stocks meltdown lays out Hyperliquid as new ‘compelling’ idea

Citrini Research, the firm that sparked massive fear of an artificial intelligence bubble in February and triggered a brief market meltdown, has listed crypto exchange Hyperliquid and its token as a new “compelling” idea.

The research firm said in its report on Monday that “unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow. On top of that, there is even a buyback mechanism,” according to an excerpt shared on social media, which is gated by a paywalled version of the report.

Hyperliquid is a blockchain-based exchange that allows users to trade perpetual futures of crypto and other assets, such as commodities and private stocks. Its associated token, HYPE, has been one of the biggest outperformers this year, even as the rest of the digital asset sector was caught in a freefall.

The platform has generated $1.06 billion in annualized fees and about $220 billion in 30-day perp volume, according to DeFiLama data

“Over 90% of the fees generated by the platform are redirected into the Assistance Fund [token buyback vehicle], which are then systematically used to purchase HYPE on the open market,” the Citrini Report said.