Why Bitwise CIO Thinks Investors Are Mispricing Hyperliquid and HYPE Token
Bitwise Chief Investment Officer Matt Hougan described Hyperliquid as one of the crucial vital crypto tasks to emerge lately.
He believes that traders proceed to underestimate each the platform’s long-term influence and the valuation of its native HYPE token.
Growth Trajectory
In a latest memo, Hougan said Hyperliquid has developed past a crypto perpetual futures change right into a monetary “super-app” providing publicity to a number of asset lessons, together with commodities, S&P 500 futures, pre-IPO shares, and prediction markets. According to Hougan, the platform’s progress has been pushed partly by the regulatory setting rising below SEC Chairman Paul Atkins, whose November 2025 remarks supported the event of multi-asset buying and selling platforms working outdoors standard SEC constructions.
The Bitwise exec famous that Hyperliquid now derives almost half of its buying and selling quantity from non-crypto property and claimed the determine might rise to 70% by year-end. Despite the platform remaining unavailable to US customers, he described it as “one of many fastest-growing monetary companies” he has seen, whereas citing roughly $170 billion in month-to-month buying and selling quantity.
Hougan additionally acknowledged that Hyperliquid represents a “Gen 2” token designed from Day 1 to accrue worth, as he highlighted the platform’s reported coverage of directing 99% of buying and selling charges towards shopping for again HYPE tokens. This may be very totally different from tokens launched throughout former chair Gary Gensler’s tenure. Hougan defined that these “governance tokens” that had little or no financial tie to the underlying blockchain or software, as they sought to take away any expectation of revenue.
“In the longer term, I believe this would be the norm for token design. In the meantime, it’s one of many causes Hyperliquid is the best-performing large-cap crypto asset on this planet over the previous 12 months.”
Hougan additional claimed HYPE is at the moment one of the crucial mispriced property in crypto because of class in addition to anchoring error.
Institutional Momentum
His feedback come days after 21Shares rolled out the primary US spot ETF monitoring Hyperliquid’s token below the THYP ticker. Bitwise followed go well with with one other exchange-traded fund monitoring HYPE, below the ticker BHYP on the New York Stock Exchange (NYSE).
While different main crypto property proceed to wrestle, HYPE is main the market rally. Over the previous week alone, the token has amassed over 25% in features.
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