Bitwise calls HYPE ‘most mispriced’ crypto despite 77% rise this year
Bitwise investment chief Matt Hougan argues that HYPE remains significantly undervalued despite a 77% year-to-date gain, citing its potential as a global super-app.Summary
Bitwise investment chief Matt Hougan has labeled Hyperliquid's native token, HYPE, as one of the most mispriced assets in the cryptocurrency market. Despite HYPE being the top-performing large-cap asset of 2026 with a 77% year-to-date increase, Hougan believes investors are underestimating its true value. He argues that the market incorrectly categorizes Hyperliquid as merely a perpetual futures exchange, failing to recognize its evolution into a multifunctional global super-app that handles stocks, prediction markets, and non-crypto assets.
Hougan highlights that nearly half of Hyperliquid’s trading volume is linked to non-crypto assets, aligning the project with the vision of SEC Chair Paul Atkins regarding multi-asset super-apps. While Bitwise recently launched a HYPE ETF on the New York Stock Exchange, the project still faces regulatory hurdles, specifically the need to integrate into the US market to achieve its full potential. Prominent figures like Arthur Hayes remain bullish, suggesting that continued volume growth and product expansion could sustain the token's positive momentum.
(Source：Cointelegraph)