{"id":29129,"date":"2026-05-20T06:38:46","date_gmt":"2026-05-20T06:38:46","guid":{"rendered":"https:\/\/bitunikey.com\/news\/hyperliquids-hype-could-still-be-mispriced-bitwise-says\/"},"modified":"2026-05-20T06:38:51","modified_gmt":"2026-05-20T06:38:51","slug":"hyperliquids-hype-could-still-be-mispriced-bitwise-says","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/hyperliquids-hype-could-still-be-mispriced-bitwise-says\/","title":{"rendered":"Hyperliquid\u2019s HYPE could still be mispriced, Bitwise says"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p><strong>Bitwise Chief Investment Officer Matt Hougan says Hyperliquid\u2019s HYPE token remains undervalued, even after becoming one of 2026\u2019s strongest large-cap crypto performers.<\/strong><\/p>\n<div id=\"cn-block-summary-block_d9eff73a9a1b6c1c06ee132b71f6e510\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>HYPE rose 77% this year as Bitwise argued investors still undervalue Hyperliquid\u2019s wider market reach.<\/li>\n<li>Hougan said Hyperliquid\u2019s $170 billion monthly volume shows demand beyond crypto perpetual futures markets.<\/li>\n<li>Bitwise will use 10% of BHYP management fees to buy and hold HYPE tokens directly.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Hougan <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/experts.bitwiseinvestments.com\/cio-memos\/hyperliquid-is-what-you-get-when-crypto-is-allowed-to-grow-up\" target=\"_blank\" rel=\"nofollow\">wrote<\/a> in a May 19 memo that HYPE is up 77% year to date, making it the best-performing large-cap crypto asset of 2026. Still, he said investors are not fully pricing Hyperliquid\u2019s reach or token model.<\/p>\n<p>He described HYPE as one of crypto\u2019s most mispriced assets. His view is based on two points: Hyperliquid\u2019s market may be wider than crypto, and its token is tied more directly to platform activity than many older DeFi assets.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Hyperliquid expands beyond crypto trading<\/strong><\/h2>\n<p>Hyperliquid started as a perpetual futures exchange for crypto assets. Hougan said the platform now gets nearly half its volume from non-crypto assets, including commodities, S&amp;P 500 futures, pre-IPO stocks, and prediction markets.<\/p>\n<p>He said non-crypto assets could reach 70% of Hyperliquid\u2019s trading volume by year-end. Hougan also said the platform handled $170 billion in trading volume over the past month, helped by its move into a larger market.<\/p>\n<p>Moreover, Hougan called HYPE a \u201cGen 2\u201d crypto token because its design links platform activity to token value. He said 99% of trading fees generated on Hyperliquid go toward buying back HYPE.<\/p>\n<p>He wrote, \u201cMore trading \u2192 more buybacks \u2192 more value accrual. No ambiguity.\u201d Bitwise also said it will use 10% of the management fee from its BHYP Hyperliquid ETF to buy and hold HYPE on its balance sheet.<\/p>\n<h2 class=\"wp-block-heading\"><strong>ETF demand adds fresh market focus<\/strong><\/h2>\n<p>Market updates show growing attention around Hyperliquid-linked funds. Bitwise\u2019s BHYP launched on NYSE on May 15 with a 0.34% sponsor fee, while 21Shares\u2019 Hyperliquid ETF drew more than $5 million in inflows within days of its U.S. launch.<\/p>\n<p>Related price coverage also showed HYPE rising about 24% in six days, moving near its all-time high as ETF demand, USDC growth, and synthetic markets lifted attention around Hyperliquid.<\/p>\n<p>Hougan said the market is still valuing Hyperliquid like a fast-growing crypto futures venue. He argued it should instead be compared with a global trading platform across crypto, equities, commodities, foreign exchange, prediction markets, and structured products.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitwise Chief Investment Officer Matt Hougan says Hyperliquid\u2019s HYPE token remains undervalued, even after becoming one of 2026\u2019s strongest large-cap crypto performers. Summary HYPE rose 77% this year as Bitwise&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-29129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/29129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=29129"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/29129\/revisions"}],"predecessor-version":[{"id":29130,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/29129\/revisions\/29130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/10901"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=29129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=29129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=29129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}