These 2 Cryptocurrencies Have Better Outlooks Than Solana or Ethereum. Should You Buy Them?

The article argues that Hyperliquid and Zcash have more direct value transfer to holders than Ethereum or Solana, citing Hyperliquid’s $1.3 billion in cumulative buybacks and a roughly $700 million HYPE unlock on June 6. It also notes Zcash routes 20% of newly issued coin value to ecosystem funding, but both tokens face meaningful regulatory risks, including the EU AMLR privacy-coin restrictions coming in mid-2027. Overall, the piece is a comparative investment commentary rather than a discrete catalyst.

Analysis

The market is beginning to assign a higher quality multiple to token economics that mimic capital return rather than “pure governance” or “pure utility.” That is a real regime shift: assets with embedded cash-flow-like mechanics tend to attract stickier ownership, lower velocity, and a more institutional holder base because valuation can be framed off distributable economics rather than narrative adoption alone. The second-order effect is that protocols without explicit holder return mechanisms may face a relative de-rating even if usage grows, because users are not the same as shareholders.

Hyperliquid’s model is the cleaner expression of this thesis, but it is also the more fragile one. A buyback loop works best when fee growth outruns emissions and unlocks; if the next supply overhang lands into a weaker tape, the reflexivity can flip fast and the “deflationary” story becomes a source of exit liquidity for prior holders. The important watchpoint is not daily revenue, but the ratio of net token demand created by buybacks versus the cadence of new supply hitting the market over the next 1-2 quarters.

Zcash is the better asymmetric regulatory contrarian: if privacy demand reaccelerates outside the U.S./EU perimeter, the capped supply plus developer funding can compound adoption with less dilution than most layer-1s. But regulatory pressure is not a tail risk here; it is the central catalyst path, and the market may be underpricing how quickly exchange access can evaporate once large venues start preemptively delisting. That makes ZEC less of a fundamentals-only trade and more of a jurisdictional optionality trade with a binary distribution channel risk.

The practical implication for broader crypto exposure is that capital may rotate toward tokens that can credibly claim “shareholder-like” economics, at the expense of legacy networks whose value accrual is indirect. That would likely be most visible in a relative basis move rather than outright crypto beta, with Hyperliquid outperforming on growth and Zcash outperforming on scarcity if liquidity remains accessible. The biggest mistake would be treating either as a core hold; both are better understood as high-volatility cash-flow proxies with headline and policy risk layered on top.

Key Decisions for Investors

• Go long HYPE vs. a basket of large-cap non-yielding crypto majors on a 1-3 month horizon; use a market-neutral pair to isolate token value-accrual quality. Risk/reward: favorable if fee growth stays above unlock cadence, but cut quickly if supply overhang pressures price/volume relationship.
• Buy 3-6 month out-of-the-money call spreads on HYPE rather than spot into the unlock window; this captures upside from continued buybacks while limiting downside if post-unlock dilution overwhelms demand. Use only if implied vol does not fully price the event.
• Treat ZEC as a tactical long only via smaller sizing and event-driven exits; hold through a 3-9 month window if exchange access remains intact, but reduce on any EU/Asian delisting headlines. Upside is strongest if privacy demand broadens before regulatory enforcement tightens.
• Avoid core long exposure to tokens without explicit holder return mechanics in the near term; relative performance likely favors assets with visible capital return. If already long ETH/SOL, consider trimming into strength and reallocating a portion to HYPE/ZEC on a relative-value basis.
• Set a hard catalyst calendar around major supply events and regulatory deadlines; the trade is driven more by unlocks and listing policy than by product roadmaps. Reassess immediately if buyback coverage or exchange accessibility changes materially.