Bitwise describes HYPE as a "second-generation" crypto asset that is still undervalued by the market.
According to Odaily, Bitwise Chief Investment Officer Matt Hougan stated that although Hyperliquid’s native token HYPE has risen 77% so far this year, making it one of the top-performing large-cap crypto assets of 2026, its value is still underestimated by the market.
Hougan believes that the market currently still views Hyperliquid as a rapidly growing perpetual crypto exchange, but its true potential lies in becoming a global super-app for trading stocks, pre-IPO assets, commodities, prediction markets, and crypto assets.
He expects the proportion of non-crypto asset trading volume on the Hyperliquid platform to rise from nearly half to 70%. Bitwise has recently launched an exchange-traded fund based on HYPE and plans to use part of its management fees to continue increasing its holdings of HYPE.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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