Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated that Hyperliquid is one of the most important crypto projects in years and that investors are underestimating the value of its native token, HYPE. Hougan explained—in his latest weekly memo—that HYPE is the best-performing large-cap asset of 2026, accumulating a gain of nearly 77% year-to-date, driven by the debut of an ETF focused on the platform last week.
He argues that the market is making the mistake of valuing Hyperliquid solely as a cryptocurrency perpetuals exchange, ignoring its evolution into a global multi-asset platform that already trades commodities and S&P 500 futures. Having processed $170 billion in volume over the past month and allocating 99% of its trading fees to token buybacks, HYPE’s value structure positions it as a second-generation asset with a real and sustainable revenue stream.
Despite outstanding challenges such as its integration into the US regulatory system, the platform is moving steadily toward the global financial super app model. The next step for institutional investors will be to evaluate how this value generation redefines the traditional DeFi landscape.
Source: https://goo.su/8GPMc
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