Hyperliquid just unlocked a revenue stream that does not need trading volume: $HYPE buybacks now have a second funding leg 📈 1⃣ **USDC interest arrives** Hyperliquid accrued 14.58 million in interest on its USDC reserves under the Coinbase-Circle arrangement. That single distribution equals roughly 26 percent of September's HYPE buybacks, and it scales with stablecoin balances and rates rather than market activity. 2⃣ **ETF demand is thinning** US spot Bitcoin ETFs pulled in only 82.9 million from September 28 to October 2, down 96.5 percent from the prior week's 2.386 billion. BlackRock's IBIT stayed positive while the rest bled, so non-ETF buyers matter more now. 3⃣ **ETH and SOL flows flipped** Tracked Ether funds swung to 106.8 million of net outflows after 589.5 million of inflows the week before. Solana went from 160 million of inflows to 4.6 million of outflows, with Bitwise's staking fund driving most of the reversal. The buyback engine is diversifying away from volume, which is the part of this story most people are still underpricing. Which matters more for HYPE here, the new interest stream or the broader flow retreat? Reads like this go up every day in the group, and the bio shows how to get in. #Altcoin Season# #Macro Insights#