Hyperliquid Has Bought Back $1.26 Billion of Its Own Token. Ethereum Burns Its Fees Instead. Which One Holds Its Price Better?

Hyperliquid pours trading fees back into buying its own token while Ethereum quietly destroys a slice of every transaction fee forever. These two approaches to shrinking supply sound similar, but one coin sits near its record price while the other…

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Hyperliquid (CRYPTO:HYPE) uses fees collected from trades on its exchange to buy back its own token, spending over $1.26 billion on buybacks to date. In contrast, Ethereum (CRYPTO:ETH) follows a different approach by permanently removing a portion of every transaction fee from circulation through a burn process.

As of October 10, 2026, Hyperliquid reported a protocol revenue surpassing $1.4 billion, with its buybacks now exceeding $1.26 billion. As of October 14, HYPE trades at roughly $80, down 1.9% over the last 24 hours and 9.2% over the past week. Similarly, Ethereum is trading around $2,441, down 5.0% in the same week.

Despite these declines, HYPE is only 18.5% below its all-time high of about $98, one of the smallest declines among major cryptocurrencies. In contrast, Ether is trading 50.7% below its peak. This raises an important question. Which strategy is more effective in maintaining a token’s price?