Crypto asset supervisor Bitwise has referred to as Hyperliquid “one of the mispriced belongings in crypto at the moment,” regardless of its outperformance up to now this yr.
“Hyperliquid is without doubt one of the most essential crypto tasks to emerge in years,” Bitwise funding chief Matt Hougan mentioned in a observe 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 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 an identical 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 as a result of market valuing Hyperliquid solely as a perpetual crypto futures trade, when it must be priced as a “international super-app.”
Hyperliquid’s foremost 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 belongings, with Hougan including that the platform sees almost half of its quantity tied to non-crypto belongings.
Supply: Matt Hougan
Different crypto platforms have additionally seemed to increase past simply crypto, with many main US crypto exchanges, akin to Coinbase, Kraken and Gemini, working to increase 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 belongings 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 develop into the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ providing buyers publicity to ‘quite a lot of asset lessons.’”
He added, nonetheless, that the platform “nonetheless must mature” as it isn’t accessible 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 publish, saying the platform might proceed to see its token rally if it continues to drag quantity away from centralized exchanges and increase its product choices.
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