Cryptocurrency buyback activity reached $880 million throughout 2025, with Hyperliquid commanding the lion's share at $644.6 million, followed by another major player at $138.2 million. Despite this aggressive capital deployment, token prices have remained largely stagnant—a puzzling disconnect between bullish fiscal action and market performance.

Optimism is taking a more measured approach, committing to $9.1 million in annual OP token purchases funded by Superchain revenue. This methodical strategy highlights a critical metric in the buyback playbook: the coverage ratio must exceed 1 for genuine supply contraction to occur. Without this threshold, buybacks become mere accounting exercises rather than effective deflationary mechanisms.

The question hanging over the market: why hasn't increased capital reallocation translated into price appreciation? Token scarcity alone doesn't guarantee demand.