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- Bitwise says Hyperliquid is being undervalued by the crypto market.
- HYPE is already the best-performing large-cap crypto asset of 2026.
- Hyperliquid is expanding beyond crypto into prediction markets and tokenized assets.
Hyperliquid’s native token HYPE has already become one of the strongest-performing major crypto assets of 2026, but according to crypto asset manager Bitwise, the rally may still be far from over.
In a recent investor note, Bitwise Chief Investment Officer Matt Hougan described Hyperliquid as “one of the most mispriced assets in crypto today.” His comments come as institutional interest in crypto trading infrastructure continues to grow beyond Bitcoin and Ethereum.
The remarks also followed Bitwise’s launch of a HYPE exchange-traded fund on the New York Stock Exchange last week, adding another layer of legitimacy to the fast-growing project.
Hyperliquid Expands Beyond Crypto Trading
Hyperliquid initially gained traction through perpetual futures trading, one of the most active sectors in digital assets. However, Hougan argues the market is undervaluing the platform by treating it only as a crypto derivatives exchange.
Instead, Bitwise believes Hyperliquid is evolving into a broader financial platform that could compete across multiple markets.
The platform has already expanded into prediction markets, tokenized assets, and stock-linked trading products. According to Hougan, nearly half of Hyperliquid’s trading activity now comes from non-crypto assets, signaling a wider shift in how users interact with decentralized finance platforms.
That trend mirrors moves by major exchanges such as Coinbase, Kraken, and Gemini, all of which are exploring tokenized equities and prediction markets as new revenue streams.
SEC’s “Super-App” Vision Adds Momentum
The bullish outlook also aligns with recent comments from Paul Atkins, who has publicly supported financial “super-apps” capable of offering multiple asset classes under a single framework.
Hougan argued that Hyperliquid already resembles the kind of multi-asset platform regulators are beginning to consider. The project combines crypto trading with broader financial exposure while operating outside the traditional SEC-regulated exchange structure.
Still, regulatory hurdles remain. Hyperliquid is currently unavailable in the United States, and Hougan acknowledged the platform will eventually need stronger regulatory integration if it hopes to scale globally.
Also Read: Bitcoin to $1 Million? Bitwise CIO Says It Could Happen Within 10 Years
Arthur Hayes Also Bullish on HYPE
Support for HYPE is not limited to Bitwise. Earlier this year, Arthur Hayes said the token could continue climbing if Hyperliquid keeps pulling market share away from centralized exchanges.
With decentralized trading volumes growing and institutional products entering the market, Hyperliquid is increasingly being viewed as more than just another crypto exchange. For investors, the debate now centers on whether HYPE’s current valuation truly reflects that larger ambition.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
