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.
Bitcoin fell below $77,000 after repeated failures near $82,000, reaching $76,500 for the first time in roughly three weeks. BTC's market capitalization stood near $1.540 trillion, while dominance over altcoins remained above 58% despite weaker absolute price action.
The cryptocurrency market has been in relative stasis in 2026, following a substantial retreat from the late 2025 highs, but also a stabilization well above the lows recorded during the last ‘crypto winter.'
Hyperliquid price rose 24% in six days as HYPE neared its ATH, helped by the CLARITY Act, USDC growth, Bitwise and SPCX.
The native cryptocurrency of Hyperliquid, HYPE, has emerged as a standout performer in the digital asset market over recent weeks. A confluence of blockchain analytics, institutional activity, and a groundbreaking stablecoin partnership has thrust the token into the market's focus.
Wall Street investors add three new vehicles for HYPE token exposure in the spring of 2026. Bitwise and 21Shares launch BHYP, THYP, and TXXH, three exchange-traded funds that carry Hyperliquid's promise into a standard brokerage account. Each product adopts a different legal wrapper, a distinct yield mechanism, and its own risk profile.