Binance's RWA Perpetual Contracts Capture Market, Impacting Hyperliquid's Revenue and HYPE Buyback Ability

Alice Liu, Head of Research at CoinMarketCap, stated that after Binance launched its RWA perpetual contracts, it quickly captured about 50% of the market share, leading to a transfer of related liquidity from Hyperliquid. Although Hyperliquid remains a leader in the DEX space and HYPE recently hit an all-time high, having utilized over $400 million for token buybacks, its sustainability depends on whether network activity can generate sufficient revenue to support the scale of buybacks. Liu believes this is the most critical variable to watch at present. Regarding Bitcoin, Liu thinks that the approximately $59,000 reached in June may be the bottom of this cycle and predicts that Bitcoin will reach $500,000 by 2030, which is more conservative than other analysts' target of $1 million. She holds a cautious attitude towards purely conceptual AI tokens, believing that AI meme tokens lacking practical use face a risk of going to zero, but remains optimistic about AI projects with infrastructure value.