Bitwise investment chief Matt Hougan stated that Hyperliquid’s native token, HYPE, is one of the most mispriced assets in crypto, despite being the best-performing large-cap asset of 2026, up 77% year-to-date. He argues the market undervalues it by viewing it solely as a perpetual futures exchange instead of a global “super-app” offering access to multiple asset classes. New exchange-traded funds for HYPE launched recently, but initial investor interest appears measured.
Bitwise investment chief Matt Hougan called Hyperliquid “one of the most mispriced assets in crypto today.” He stated in a note that its native token, HYPE, “is the best-performing large-cap crypto asset of 2026, up 77% YTD.” Hougan argued investors are underestimating its impact and value.
Hougan said this mispricing stems from the market valuing Hyperliquid solely as a perpetual crypto futures exchange. He contends it should be priced as a “global super-app,” noting that nearly half of its trading volume is tied to non-crypto assets like stocks and prediction markets. Hougan added the platform “still needs to mature” and integrate into the U.S. regulatory system, as it is not currently available there.
Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange. 21Shares launched a similar fund earlier the same week, which drew $1.2 million in net inflows. Hougan cited SEC Chair Paul Atkins’ support for “super-apps” that can custody and trade multiple assets on one regulatory license.
BitMEX co-founder Arthur Hayes was also bullish on HYPE in a March blog post. Hayes said the platform could continue to see its token rally if it pulls volume from centralized exchanges and expands its product offerings. Other major U.S. crypto exchanges like Coinbase, Kraken, and Gemini are similarly looking to expand beyond just crypto.
