Hyperliquid’s revenue trend remains strong, and the 10/10/25 liquidation event actually highlights the protocol’s strength rather than any weakness. The liquidations that occurred on October 10 generated substantial fee revenue for the protocol, and all subsequent liquidation events continue to serve as fee-generating moments as well. When the outlier spike is removed, normalized daily revenue still increased from roughly 2.15 million dollars per day before the event to about 2.3 million dollars per day afterward. This shows that user activity and fee generation did not decline after the sell-off. Hyperliquid’s core business remained resilient and continued to grow. Because the protocol uses its revenue to buy back the HYPE token, consistently elevated daily revenue together with recurring liquidation-driven fees directly increases the size and frequency of buybacks. From a fundamental standpoint, this supports a bullish view of HYPE. Sustained revenue strength combined with liquidation-based fee income reduces circulating supply over time and creates continued upward pressure on the token’s value.