- Bitwise says Hyperliquid’s HYPE token remains undervalued
- HYPE has risen 77% year-to-date in 2026
- Bitwise believes Hyperliquid could expand far beyond crypto trading
- The firm recently launched its own HYPE ETF
Bitwise Doubles Down on Hyperliquid
Bitwise CIO Matt Hougan said Hyperliquid’s native HYPE token still has significant upside despite already becoming one of crypto’s best-performing large-cap assets this year.
According to Hougan, investors are undervaluing Hyperliquid’s long-term potential as the platform expands into broader financial markets.
Beyond Crypto Trading
While Hyperliquid currently dominates perpetual futures trading in crypto, Hougan argued the exchange could evolve into a global trading super-app covering equities, commodities, foreign exchange markets, prediction markets, and structured products.
He estimates non-crypto assets could eventually account for 70% of trading activity on the platform.
‘Gen 2’ Token Narrative Emerges
Hougan described HYPE as a potential “Gen 2” crypto token under the more crypto-friendly SEC environment led by Chairman Paul Atkins.
He pointed to Hyperliquid’s tokenomics model, where roughly 99% of trading fees are used to buy back HYPE tokens, directly linking platform growth to token value accrual.
ETF Momentum Continues
Bitwise recently launched its BHYP Hyperliquid ETF and announced plans to use part of the fund’s management fees to accumulate HYPE tokens on its own balance sheet.
The firm believes Hyperliquid’s total addressable market extends far beyond crypto’s estimated $3 trillion market size into global financial markets worth hundreds of trillions of dollars.
