Bitwise Asset Management Chief Investment Officer (CIO) Matt Hougan argued in an Aug. 12, 2026 note that crypto valuations could double, if only blockchains would use some of the money they earn to perform buybacks that benefit the holders of their coin. His chosen example of a success story for that dynamic, Hyperliquid (HYPE +4.36%), has already destroyed more than $3.9 billion of its own token , thereby removing 4.8% of its maximum supply, with its price rising by 84% in the last 12 months alone.

If other major blockchains like Ethereum (ETH +0.18%) and Solana (SOL -0.17%) would adapt their protocols to conform to Hougan’s suggestion, it could indeed reshape the entire sector’s valuations. Let’s take a look at the state of play.