Crypto asset supervisor Bitwise has known as Hyperliquid “some of the mispriced property in crypto in the present day,” regardless of its outperformance to date this yr.
“Hyperliquid is likely one of the most necessary crypto initiatives to emerge in years,” Bitwise funding chief Matt Hougan stated in a note on Tuesday.
“Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD (yr up to now). And but I nonetheless suppose buyers are underestimating its affect and its worth.”
Bitwise launched a HYPE exchange-traded fund on the New York Inventory Change on Friday. 21Shares launched the same HYPE fund earlier that week, which drew solely $1.2 million in net inflowslow in comparison with different altcoin ETF debuts.
Hougan stated HYPE’s mispricing is partly because of the market valuing Hyperliquid solely as a perpetual crypto futures trade, when it ought to be priced as a “international super-app.”
Hyperliquid’s essential focus is the favored sector of crypto perpetual futures buying and selling, however the platform additionally has buying and selling linked to shares, prediction markets and different property, with Hougan including that the platform sees almost half of its quantity tied to non-crypto property.
Supply: Matt Hougan
Different crypto platforms have additionally regarded to develop past simply crypto, with many main US crypto exchanges, comparable to Coinbase, Kraken and Gemini, working to develop into prediction markets and tokenized equities buying and selling to shore up their stability sheets.
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SEC Chair Paul Atkins has additionally given his assist to “super-apps” that may custody and commerce a number of property on one regulatory license. He has tasked the regulator with exploring the way it can permit tokens tied to securities to commerce on platforms it doesn’t regulate.
Hougan argued that Hyperliquid “has grow to be the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ providing buyers publicity to ‘a wide range of asset courses.’”
He added, nonetheless, that the platform “nonetheless must mature” as it isn’t obtainable within the US and would wish to combine itself into the nation’s regulatory system.
BitMEX co-founder Arthur Hayes was additionally bullish on HYPE in a March blog postsaying the platform might proceed to see its token rally if it continues to tug quantity away from centralized exchanges and develop its product choices.
