Hyperliquid (HYPE) Price: Bitwise Says It’s One of Crypto’s Most Undervalued Assets – Here’s Why

TLDR

• Bitwise CIO Matt Hougan states that HYPE is currently among the most undervalued assets in cryptocurrency.
• HYPE has gained 77% so far in 2026, positioning it as the leading large-cap crypto asset by performance this year.
• Bitwise contends the market is valuing HYPE as a crypto derivatives exchange rather than a worldwide trading “super-app.”
• On the Hyperliquid platform, 99% of trading fees are allocated to repurchasing HYPE tokens.
• Hyperliquid recorded $170 billion in trading volume over the last month and is broadening its offerings to include equities, commodities, and prediction markets.

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(SeaPRwire) –   In a published note, Bitwise Chief Investment Officer Matt Hougan contended that the market is incorrectly pricing Hyperliquid’s native token, HYPE. He identified “two errors” investors are making: misjudging the scale of Hyperliquid’s target market and overlooking how the token accrues value from platform usage.

JUST IN: Bitwise CIO says “Hyperliquid is a super app targeting the $600T global asset market”

— Kalshi Crypto (@Kalshi_Crypto) May 19, 2026

At publication time, HYPE was trading near $48.70, reflecting a gain of over 8% within 24 hours. The token’s 77% year-to-date rise makes it the highest-performing large-cap cryptocurrency of 2026.

Even with this strong performance, Hougan believes the market is not fully recognizing the asset’s worth.

“HYPE is the best-performing large-cap crypto asset of 2026, up 77% YTD. And yet I still think investors are underestimating its impact and its value,” Hougan wrote.

Hyperliquid is a decentralized trading platform primarily recognized for crypto perpetual futures. It has recently diversified into equities, pre-IPO stocks, commodities, and prediction markets.

The platform saw $170 billion in trading volume during the previous month. Hougan anticipates that non-crypto assets will eventually increase from about half to 70% of the platform’s total trading volume.

Why Bitwise Thinks HYPE Is Undervalued

Hougan’s fundamental thesis is that the market is evaluating Hyperliquid as a crypto exchange instead of a global financial super-app. He argues the potential market is not limited to the $3 trillion crypto industry but encompasses the entire $600 trillion global asset market.

Bitwise approximates that Hyperliquid is producing $800 million to $1 billion in annualized revenue. Valued at approximately 10–14 times its buyback stream, this presents a favorable comparison to Robinhood and CME Group, which trade at higher multiples despite slower growth.

Hougan categorized HYPE as a “Gen 2” token—similar to a security, its value can appreciate as the platform expands. Ninety-nine percent of all trading fees are dedicated to buying back HYPE. “More trading → more buybacks → more value accrual. No ambiguity,” he stated.

Regulatory Tailwinds and New Partnerships

Bitwise highlighted SEC Chair Paul Atkins as a positive influence. Atkins has endorsed the concept of financial super-apps capable of providing multiple asset classes within a unified regulatory structure.

Hyperliquid also recently entered a partnership with Coinbase and Circle. According to Bitwise analysts, this agreement shifts stablecoin economics from issuers to crypto trading platforms, which may bolster demand for HYPE while squeezing Circle’s profit margins.

Hougan observed that Hyperliquid retains significant growth potential. The platform is currently inaccessible to U.S. users and still requires integration into the country’s regulatory system.

Bitwise recently introduced its own HYPE-based exchange-traded fund (BHYP) and announced its intention to allocate a share of its management fees to acquiring HYPE tokens.