Hyperliquid is reducing HYPE’s circulating supply through protocol-fee-funded purchases and burns, buying and destroying approximately 10,400 tokens worth about $956,800 over the past 24 hours. Cumulative burns have reached 48.96 million HYPE, or roughly 4.9% of the token’s one billion maximum supply. The protocol generated $58.27 million in revenue over the past 30 days, supporting average daily buybacks of approximately $1.16 million. Ownership is also shifting toward larger wallets: addresses holding at least 10,000 HYPE rose 24.6% to 2,006, while wallets holding at least 10 HYPE fell 6.3% to 49,026. Total holders nevertheless increased by 5,600 to 281,820, and 48,330 wallets are staking HYPE (locking tokens to earn rewards). Demand from Hyperliquid Strategies, which bought 494,000 HYPE worth about $45.8 million and now holds 35 million tokens, is meeting potential selling pressure. Five whales unstaked approximately $90.4 million in HYPE, while Multicoin transferred $12.15 million from Coinbase Prime to Coinbase Prime. The resulting supply test depends on whether treasury demand can absorb potential whale selling and whether rising trading activity increases the burn rate.