HYPE's recent price increase is primarily attributed to Hyperliquid's internal buyback mechanism rather than ETF expectations, according to Forbes author Zennon Kapron. Hyperliquid reportedly uses nearly all of its trading fee revenue, which has exceeded $1.16 billion, to repurchase HYPE on the open market through its Assistance Fund. This buyback scale, reaching several hundred million dollars per quarter, is considered a more significant factor in supporting HYPE's current price compared to the initial tens of millions in ETF inflows. However, the sustainability of this mechanism is contingent on trading volume. A market downturn could lead to reduced fee income and diminished buyback support, potentially impacting HYPE's price stability. The views expressed are those of the author and do not constitute investment advice.