Bitwise calls HYPE the "most distorted" crypto asset in terms of pricing, believing that investors underestimate its influence and value

The cryptocurrency asset management company Bitwise stated that Hyperliquid's native token HYPE is "one of the most distorted assets in pricing in the current crypto market," despite its price significantly outperforming the market this year. Bitwise Chief Investment Officer Matt Hougan noted in a report on Tuesday: "Hyperliquid is one of the most important crypto projects in years. Its native token HYPE is the best-performing large-cap crypto asset of 2026, having risen 77% year-to-date. But I still believe investors underestimate its influence and value."

Hougan believes that part of the pricing distortion of HYPE is due to the market viewing Hyperliquid merely as a perpetual cryptocurrency futures exchange, whereas it should actually be priced as a "global super app." He pointed out that the Hyperliquid platform supports trading of assets beyond mainstream crypto perpetual futures, including stocks and prediction markets, with nearly half of its trading volume currently related to non-crypto assets.

Bitwise launched the HYPE exchange-traded fund (ETF) on the New York Stock Exchange last Friday. The previous week, 21Shares also launched a similar HYPE fund, but it only attracted $1.2 million in net inflows on its first day, which is relatively low compared to the debut performances of other altcoin ETFs. Hougan added that Hyperliquid has gradually become the "super app" envisioned by SEC Chairman Paul Atkins—a "platform not regulated by the SEC" that provides investors with exposure to multiple asset classes. However, he also noted that the platform "still needs to mature," is not yet open to U.S. users, and needs to integrate into the U.S. regulatory framework.