Unpopular opinion: hyperliquid:native is harder money than Bitcoin right now
Raw dollars:
Bitcoin mints ~$32M of fresh supply a day
HYPE burns ~$1.5M - $3M
Now normalize it per $1B of market cap:
bitcoin:native: $23K minted daily
hyperliquid:native: -$91K to -$183K burned daily
Per dollar of market cap, HYPE pulls supply off the market ~4 to 8x faster than bitcoin prints it, depending on the day
BTC inflates ~0.82% a year while HYPE's buyback runs 4-8x that, in reverse
"Fixed supply" stopped being BTC's moat the moment a revenue-funded asset started deflating faster than Bitcoin inflates
But Bitcoin's 21M hard cap, nobody's clocked yet that Hyperliquid is the modern-day version of that exact trade, with the supply actually shrinking instead of just capped, and price follows supply eventually
This is the floor, not the ceiling
- The Coinbase USDC deal yield hasn't even started flowing yet, ~$150M a year back to the protocol, potentially $300-500M as balances grow
- HIP-3 builder perps are already over a third of all volume and climbing, wait for growth mode to be turned off
- Priority fees on HyperEVM went from basically zero to ~$48K a day in six weeks
- US perps next as the regulatory door opens
- HIP-4 prediction markets just launched and route even more fees into the buyback
- HYPE ETFs are on a 14-day inflow streak with zero red days since launch, while bitcoin ETFs just posted their longest outflow streak on record, ~$3B walked out the door
Every one of those is more revenue feeding the same burn, all while BTC sits 40% off its highs
This is HYPE's worst-case macro and it's still ripping
Hyperliquid