Crypto asset supervisor Bitwise has known as Hyperliquid “one of the vital mispriced property in crypto at present,” regardless of its outperformance to date this 12 months.
“Hyperliquid is without doubt one of the most necessary crypto tasks to emerge in years,” Bitwise funding chief Matt Hougan mentioned in a notice on Tuesday.
“Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And but I nonetheless assume buyers are underestimating its influence and its worth.”
Bitwise launched a HYPE exchange-traded fund on the New York Inventory Change on Friday. 21Shares launched an analogous HYPE fund earlier that week, which drew solely $1.2 million in internet inflows, low in comparison with different altcoin ETF debuts.
Hougan mentioned HYPE’s mispricing is partly because of the market valuing Hyperliquid solely as a perpetual crypto futures alternate, when it must be priced as a “world super-app.”
Hyperliquid’s primary 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 practically half of its quantity tied to non-crypto property.
Supply: Matt Hougan
Different crypto platforms have additionally seemed to develop past simply crypto, with many main US crypto exchanges, corresponding to Coinbase, Kraken and Gemini, working to develop into prediction markets and tokenized equities buying and selling to shore up their steadiness 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 enable tokens tied to securities to commerce on platforms it doesn’t regulate.
Hougan argued that Hyperliquid “has change into 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 out there within the US and would want to combine itself into the nation’s regulatory system.
BitMEX co-founder Arthur Hayes was additionally bullish on HYPE in a March weblog put up, saying the platform might proceed to see its token rally if it continues to tug quantity away from centralized exchanges and develop its product choices.
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