Hyperliquid [HYPE] is changing how crypto exchanges generate revenue by placing a value on execution speed rather than trading activity alone. Institutional selling pressure persistsDespite Hyperliquid expanding its revenue base, institutional wallets continue to increase near-term supply on exchanges. As more HYPE tokens move to exchange wallets, selling pressure may rise in the short term. HYPE revenue growth faces a market testInstitutional selling has shifted the market’s attention from Hyperliquid’s earnings to its available token supply. Once selling pressure eases, however, the protocol’s growing revenue base is likely to play a larger role in shaping valuation.