13 out of 15 value-recirculation tokens outperform Bitcoin since the start of the year

Thirteen of 15 tokens with value-accrual mechanisms—buyback-and-burn or similar structures tying protocol revenue or fees to token purchases—outperformed Bitcoin year-to-date through October 27, according to a DWF Labs research report. Hyperliquid's HYPE gained more than 200% and PumpFun's PUMP rose over 120% in that period, while Bitcoin fell roughly 8.5%. The sample includes tokens already operating buyback-and-burn programs as well as those that have only announced plans to adopt them, so the 13-of-15 result does not represent the broader crypto market. The finding matters because it suggests investors are rewarding protocols that funnel revenue back to token holders, though the report notes buyback size alone poorly explains performance. What to watch next is how much of the outperformance stems from actual revenue sources versus announced-but-unimplemented programs.