{"id":44153,"date":"2026-05-19T22:37:23","date_gmt":"2026-05-19T22:37:23","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=44153"},"modified":"2026-05-19T22:37:23","modified_gmt":"2026-05-19T22:37:23","slug":"bitwise-bullish-on-hyperliquid-hype-labeled-undervalued-as-it-rallies-20","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=44153","title":{"rendered":"Bitwise Bullish on Hyperliquid: HYPE Labeled \u2018Undervalued\u2019 As It Rallies 20%"},"content":{"rendered":"<p>Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week.\u00a0<\/p>\n<p>In his comments, Hougan argued that the market is mispricing Hyperliquid\u2019s broader business model\u2014treating it as essentially just another perpetual futures venue.<\/p>\n<h2>Hyperliquid As A Global Super App<\/h2>\n<p>Hougan said Hyperliquid appears to be caught in what he described as a \u201cpricing error,\u201d with investors valuing the platform as little more than a perpetual futures exchange.\u00a0<\/p>\n<p>In contrast, he framed Hyperliquid as a global financial \u201csuper app,\u201d one that is moving beyond the boundaries of crypto and expanding into areas such as stocks, commodities, foreign exchange, and prediction markets.\u00a0<\/p>\n<p>As part of his valuation perspective, Hougan estimated the platform\u2019s annual revenue could be in the range of about $800 million to $1 billion, suggesting room for the business to scale well beyond how it\u2019s currently categorized by the market.<\/p>\n<p>A key element of Hougan\u2019s case involves Hyperliquid\u2019s fee model. He pointed to a structure in which 99% of trading fees are directed toward HYPE token buybacks, describing it as a mechanism that helps support value rather than simply extracting revenue without a token-linked benefit.\u00a0<\/p>\n<p>That, he said, aligns incentives in a way that differs from what investors may be assuming when they treat Hyperliquid as a standard trading platform.<\/p>\n<h2>HYPE Approaches All-Time Highs\u00a0<\/h2>\n<p>Hougan also emphasized that HYPE\u2019s recent performance does not change his view that the token remains undervalued. He noted that HYPE is up by 77% this year, yet he believes the market still hasn\u2019t fully credited Hyperliquid\u2019s long-term trajectory.\u00a0<\/p>\n<p>In his <a href=\"https:\/\/x.com\/Matt_Hougan\/status\/2056720926234882533?s=20\" target=\"_blank\" rel=\"noopener nofollow\">view<\/a>, Hyperliquid\u2019s real opportunity is not just to grow as a rapidly expanding crypto perpetual exchange, but to evolve into a broader trading super app spanning stocks, pre-IPO assets, commodities, prediction markets, and crypto assets.<\/p>\n<p>The bullish remarks come as interest in HYPE gained another boost from ETF activity. Along with <a href=\"https:\/\/bitcoinist.com\/hype-jumps-on-bitwises-hyperliquid-etf-move\/\" target=\"_blank\" rel=\"noopener nofollow\">Bitwise\u2019s launch<\/a> of a Hyperliquid ETF tied to HYPE, 21Shares introduced its own HYPE ETF earlier in the month.\u00a0<\/p>\n<p>Following those launches, HYPE surged\u2014recording massive gains of nearly 20% in the past week alone. At the time of writing, HYPE was trading just above the key $48 mark, only 18% below all-time high levels of $59 reached last year.\u00a0<\/p>\n<p><img decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/lR7No8lh\/\" alt=\"Hyperliquid\" width=\"1814\" height=\"981\" loading=\"lazy\" \/><\/p>\n<p>Featured image created with OpenArt, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":"<p>Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week.\u00a0 In his comments, Hougan argued that the market is mispricing Hyperliquid\u2019s broader business model\u2014treating it as essentially just another perpetual futures venue. Hyperliquid As A Global [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44154,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-44153","post","type-post","status-publish","format-standard","has-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitwise Bullish on Hyperliquid: HYPE Labeled \u2018Undervalued\u2019 As It Rallies 20% - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=44153\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitwise Bullish on Hyperliquid: HYPE Labeled \u2018Undervalued\u2019 As It Rallies 20% - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week.\u00a0 In his comments, Hougan argued that the market is mispricing Hyperliquid\u2019s broader business model\u2014treating it as essentially just another perpetual futures venue. 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