Bitwise Chief Funding Officer Matt Hougan described Hyperliquid as one of the crucial necessary crypto initiatives to emerge in recent times.
He believes that buyers proceed to underestimate each the platform’s long-term impression and the valuation of its native HYPE token.
Progress Trajectory
In a latest memo, Hougan stated Hyperliquid has advanced past a crypto perpetual futures change right into a monetary “super-app” providing publicity to a number of asset lessons, together with commodities, S&P 500 futures, pre-IPO shares, and prediction markets. In response to Hougan, the platform’s progress has been pushed partly by the regulatory surroundings rising below SEC Chairman Paul Atkins, whose November 2025 remarks supported the event of multi-asset buying and selling platforms working exterior typical SEC constructions.
The Bitwise exec famous that Hyperliquid now derives almost half of its buying and selling quantity from non-crypto property and claimed the determine might rise to 70% by year-end. Regardless of the platform remaining unavailable to US customers, he described it as “one of many fastest-growing monetary companies” he has seen, whereas citing roughly $170 billion in month-to-month buying and selling quantity.
Hougan additionally acknowledged that Hyperliquid represents a “Gen 2” token designed from Day 1 to accrue worth, as he highlighted the platform’s reported coverage of directing 99% of buying and selling charges towards shopping for again HYPE tokens. That is very totally different from tokens launched throughout former chair Gary Gensler’s tenure. Hougan defined that these “governance tokens” that had little or no financial tie to the underlying blockchain or software, as they sought to take away any expectation of revenue.
“Sooner or later, I think this would be the norm for token design. Within the meantime, it’s one of many causes Hyperliquid is the best-performing large-cap crypto asset on this planet over the previous 12 months.”
Hougan additional claimed HYPE is presently one of the crucial mispriced property in crypto attributable to class in addition to anchoring error.
Institutional Momentum
His feedback come days after 21Shares rolled out the primary US spot ETF monitoring Hyperliquid’s token below the THYP ticker. Bitwise adopted swimsuit with one other exchange-traded fund monitoring HYPE, below the ticker BHYP on the New York Inventory Change (NYSE).
Whereas different main crypto property proceed to wrestle, HYPE is main the market rally. Over the previous week alone, the token has amassed over 25% in features.
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