What happened? Hyperliquid filed an S‑1 and its HYPE token jumped after big buybacks while competitor ASTER plunged.
After a public back-and-forth with Binance’s CZ and a sharp drop in ASTER, Hyperliquid Strategies filed an S‑1 to raise up to $1 billion, and the market took notice. The company’s buyback program — roughly $3 million in the last 24 hours and $21 million over the week — helped push HYPE up about 11%, keeping the price around the mid‑$30s to $40. At the same time Hyperliquid saw huge user growth, with cumulative new users hitting an all‑time high of 779,063, and the token is now testing key resistance near $40.
Who does this affect? Traders, HYPE holders, ASTER investors and broader crypto market participants.
Directly impacted are HYPE holders and short‑term traders who benefit from buybacks and the resulting price moves. ASTER investors and competing projects feel the fallout as capital and attention shift after ASTER’s steep decline. Institutional investors, exchanges, and market makers also care because a big S‑1 and active buybacks can change liquidity, listing interest, and overall risk dynamics.
Why does this matter? Because buybacks, an S‑1 and surging user growth can seriously move prices and market sentiment.
From a market perspective, aggressive buybacks and the possibility of S‑1 funds being used to buy tokens create tangible demand that can lift prices and draw momentum traders. If buyers flip the $40 area into support, HYPE could push toward $43.6–$50 (with bulls eyeing $60), but a rejection could mean a retest of the $35 zone. Overall, these developments can reallocate capital in crypto, shift sentiment toward projects with active tokenomics, and influence how investors view buyback-driven price support.