Hyperliquid emerged as the dominant force in crypto token repurchases in 2025, accounting for roughly 46.0% of all buyback spending as the project deployed approximately $644.64 million from its Assistance Fund to repurchase about 21.36 million HYPE tokens. The program, initiated in March 2025, concentrated a large share of market-wide capital into systematic repurchases intended to support liquidity and volume, and the cumulative purchases represented about 2.1% of the protocol’s total token supply. This scale positioned Hyperliquid ahead of the next nine largest projects combined, and the magnitude of its activity redefined expectations for protocol-led value-return mechanisms during periods of price consolidation. Market-wide buyback activity accelerated sharply in mid-2025, with an 85% month-over-month increase recorded in July, and total token repurchases across the sector exceeded $1.4 billion for the year, yielding a monthly average near $145.93 million. Hyperliquid’s near-half share of that total made it both a primary liquidity sink and a price-support agent, and derivative market participants were observed accumulating HYPE at discounted levels concurrent with repurchase windows. These behaviors suggest that concentrated buybacks can alter trading dynamics, amplifying demand signals while also concentrating exposure among large holders. Token buybacks, similar to token burns, aim to reduce circulating supply and create scarcity that can influence price movements. Hyperliquid outspent direct competitors by approximately fourfold, leaving projects such as SKY, JUP, ENA, RLB, BONK, and AAVE with materially smaller programs, and their combined expenditures remained below Hyperliquid’s total. The Assistance Fund model funded repurchases through systematic revenue allocation, which proponents argue sustains momentum over extended periods, and the strategy aimed both to reduce effective market float and to counteract downward price pressure. Such centralized repurchase planning contrasts with previously sporadic marketing-driven interventions, indicating a shift toward standardized mechanisms for returning value to token holders. Caution is warranted, however, as aggressive buybacks can concentrate market influence and may encourage speculative positioning that exacerbates volatility when repurchase cadence changes. Observers note that sustained confidence depends on transparent funding practices and predictable operational rules, and long-term effectiveness will hinge on broader ecosystem fundamentals beyond buyback volumes alone. Additionally, Hyperliquid’s spending represented the largest buyback in the dataset, underscoring its outsized role in 2025 token repurchases. On-chain data shows buybacks executed regularly to avoid creating sharp price spikes.
