Bitwise calls HYPE a "second-generation" crypto asset, still undervalued by the market
Odaily News Bitwise Chief Investment Officer Matt Hougan stated that although Hyperliquid's native token HYPE has risen 77% since the beginning of the year, making it one of the best-performing large-cap crypto assets in 2026, its value remains undervalued by the market.
Hougan believes the market currently still views Hyperliquid as a rapidly growing crypto perpetual exchange, but its true potential lies in becoming a global transactional super application covering stocks, pre-IPO assets, commodities, prediction markets, and crypto assets.
He expects the proportion of non-crypto asset trading volume on the Hyperliquid platform to increase from nearly half to 70%. Bitwise has recently launched an exchange-traded fund based on HYPE and plans to continue increasing its HYPE holdings using a portion of the management fees.
