HYPE ran ~70% in May, but Artemis' factor model shows WHY it's different from a pump: it was a genuine long in BOTH on-chain factors - Growth (accelerating fee + DAU growth, +67.5% contribution) and Fundamental 1 - not just price momentum. Real protocol usage plus buybacks, not flow-chasing. When an asset earns its move on fundamentals across independent, uncorrelated factors, the move tends to have legs; when it's pure momentum/flow (see the price-based factors that all reversed in May), it snaps back. This is a conviction long on the usage story, expressed across both venues - a levered perp leg for directional carry and a spot base leg unlevered. Confirms it: fees/DAU and buyback pace keep climbing and perp volume stays elevated. Kills it: fee growth stalls or the buyback slows, which would demote HYPE from the fundamental long books and leave only crowded price momentum holding it up. Source: Artemis Crypto Factor Model, June 2026 - https://www.artemis.ai/artemis/article/325711237350457010
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