Bitwise claims that Hyperliquid's HYPE token could be one of the most undervalued crypto assets on the market despite a 77% increase this year. A statement that reignites the debate on the next stars of the crypto cycle.
Bitwise called Hyperliquid one of the most undervalued assets in the crypto market, even though HYPE has gained 77% so far in 2026. Matt Hougan argues the market makes a category error by valuing it only as a perpetual futures exchange rather than a global super-app.
Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.
Venture Capital Giant Quietly Builds $356M HYPE Position Since August 2025, Data Shows
Hyperliquid's HYPE drew Bitwise backing after a 77% 2026 rally, $170b monthly volume and ETF fee pledge fueled investor attention.
Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated that Hyperliquid is one of the most important crypto projects in years and that investors are underestimating the value of its native token, HYPE.
Hyperliquid (HYPE) is once again emerging as one of the strongest-performing major cryptocurrencies as the broader digital asset market continues to face uncertainty. After recording an impressive 13% rally, HYPE has regained bullish momentum and is now approaching the important $48 resistance zone.
Crypto asset manager Bitwise believes Hyperliquids native HYPE token remains significantly undervalued as investors continue to view the platform as only a decentralized crypto derivatives exchange instead of a broader financial trading super-app. In a recent blog post, Bitwise Chief Investment Officer Matt Hougan argued that the market is mispricing Hyperliquid by underestimating both the scale of its long-term ambitions and the value generated for HYPE token holders.
Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week. In his comments, Hougan argued that the market is mispricing Hyperliquid's broader business model—treating it as essentially just another perpetual futures venue.
21Shares said its Hyperliquid ETF drew more than $5 million in inflows within days of its U.S. launch.
CIO at Bitwise, Matt Hougan, suggested that it's a mistake to value Hyperliquid using the metrics of a standard crypto application operating within a $3 trillion market. In his view, the DeFi project functions as a financial super app targeting the global traditional asset market, which represents a $600 trillion opportunity.
Bitwise allocation adds institutional weight to HYPE's strengthening scarcity and buyback-driven supply shock setup.