Crypto asset manager Bitwise has labeled Hyperliquid’s native token, HYPE, “one of the most mispriced assets in crypto today,” arguing that investors are fundamentally misunderstanding its scope. In a research note published Tuesday, Bitwise Chief Investment Officer Matt Hougan emphasized that while HYPE has comfortably established itself as the best-performing large-cap digital asset of 2026, surging 77% year-to-date, its current valuation fails to reflect its true market footprint.
The asset manager’s bullish commentary follows a busy week on Wall Street, which saw 21Shares launch a HYPE exchange-traded fund (ETF) to modest net inflows of $1.2 million, closely followed by the debut of Bitwise’s own HYPE ETF on the New York Stock Exchange.
According to Hougan, the persistent market mispricing stems from a tendency to view Hyperliquid strictly as a decentralized perpetual futures exchange. In reality, the platform has rapidly evolved into a financial super-app, with nearly half of its massive daily trading volume now originating from non-crypto instruments, including prediction markets and tokenized legacy equities.
This multi-asset execution aligns perfectly with recent structural rhetoric from SEC Chair Paul Atkins, who has publicly supported single-protocol platforms capable of trading diverse asset classes under a lighter regulatory framework. Hougan noted that while Hyperliquid currently fulfills this vision, the HYPE token will require a final layer of maturity to unlock its true valuation ceiling: navigating regulatory integration to officially open its doors to retail users inside the United States.
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