Ryan Rasmussen says Hyperliquid is the easiest crypto story to sell an allocator, because it speaks their language: "Beyond Bitcoin, allocators ask: if it's not digital gold, why does it have value? You start talking cash flow. For most crypto, the revenue hasn't justified the valuation." "Hyperliquid is such an obvious story. It generates fees on all that trading, and those fees buy and burn HYPE. To an investor, that feels like a programmatic stock buyback." "And it's a big one. The average S&P 500 buyback is around 2%. Do the math on Hyperliquid and it's closer to 5%. From that angle, it's an easier sell."
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