Hyperliquid’s token is tanking as ETF investors flee, so why does Grayscale think it is massively undervalued?
The July outflows contrast with Grayscale’s view that Hyperliquid’s revenue and buybacks support a higher token valuation.

Follow Grayscale news, including ETF conversions, fund flows, legal wins, product strategy, and institutional crypto investment trends.
GLNK emerges as a market test for tokenized finance, as institutional investors grapple with LINK's valuation amidst growing adoption.
Grayscale reported $318.7 million in revenue for the nine months ended Sept. 30, down from $397.9 million in the same period of 2024.
We test the thesis on users, fees, and UX—and the SVM moat using primary datasets.
A data-first post-mortem on liquidations, funding, and ETF dip-buyers.
Grayscale's innovative move may reduce fees and boost Ethereum ETF market competitiveness.
Treasury plans can reshape AVAX’s role in the multi-chain finance, as it did with Ethereum and Solana.