Why is Hyperliquid (HYPE) up 4.60% Today, October 6, 2026? Fresh Buyback Funding and Treasury Demand Support HYPE

HYPE outperformed a softer broader crypto tape, rising 4.60% on heavy turnover as protocol-funded buybacks and burns tightened circulating supply and reports of sizeable treasury accumulation supported marginal demand. A new USDC reserve-yield stream earmarked for future buybacks adds a recurring funding channel, though not yet executed. The key near-term focus is whether activity sustains above recent resistance levels amid softer weekly TVL.