Why Bitwise Says Hyperliquid’s HYPE Token May Still Be Undervalued After a 77% Rally

Hyperliquid’s native token, HYPE, has surged 77% since the start of 2026 according to Blockto market data, making it one of the strongest performing large cap cryptocurrencies this year. However, crypto asset manager Bitwise believes the token is still not getting the value it deserves in the market.

Bitwise Chief Investment Officer Matt Hougan said Hyperliquid is “one of the most important crypto projects to emerge in years” and described HYPE as “one of the most mispriced assets in crypto today.” According to Hougan, many investors are still looking at Hyperliquid only as a crypto perpetual futures exchange, while ignoring its larger ambitions.

Why Matt Hougan Sees Bigger Value in Hyperliquid

Hougan argued that Hyperliquid should be seen as a “global super app” instead of just a crypto platform. While the exchange is mainly known for perpetual futures trading, it has expanded into stock-linked trading, prediction markets and other financial assets.

He pointed out that nearly half of Hyperliquid’s trading volume now comes from non-crypto assets. This, he said, shows the platform is becoming much broader than a traditional crypto exchange.

Hougan also linked Hyperliquid’s future to growing interest in multi-asset platforms. Major crypto companies such as Coinbase, Kraken and Gemini are also expanding into tokenized equities and prediction markets to strengthen their businesses.

Paul Atkins’ Super-App Vision Supports Hyperliquid

Hougan said Hyperliquid already resembles the type of financial “super-app” supported by US Securities and Exchange Commission Chair Paul Atkins. Atkins has backed platforms that can hold and trade multiple asset classes under one regulatory system.

Still, Hougan admitted Hyperliquid “needs to mature,” especially because the platform is not yet available in the United States and may eventually need to fit into the country’s regulations.

HYPE ETF Launch and Arthur Hayes’ Bullish View

Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange on May 15, while 21Shares introduced a similar fund earlier that week. The 21Shares product saw $1.2 million in net inflows, a modest start compared with some altcoin ETF launches.

Meanwhile, BitMEX co-founder Arthur Hayes said in a March blog post that HYPE could continue rising if Hyperliquid keeps taking trading volume from centralized exchanges and expands its services further.