In brief
HYPE is up 91% year-to-date while Bitcoin is down 12%, a decoupling tied to Hyperliquid's revenue diversification beyond crypto perps.
Hyperliquid pulled $255M in revenue YTD, more than the next two apps combined, with 97% accruing to HYPE holders via buybacks.
Bitwise and 21Shares have filed for HYPE ETFs, with Bitwise committing to hold 10% of management fees in Hyperliquid on its balance sheet.
Hyperliquid's native token HYPE has surged 101% year-to-date while Bitcoin is down 12% over the same period, highlighting a decoupling that Wall Street is starting to pay close attention to.HYPE’s run looks set to continue, with users of prediction market Myriad, owned by Decrypt's parent company Dastan, seeing an 85% chance the token reaches $52 in May, up from just 14% on May 15. The token is currently trading at $51.26, less than 2% shy of the target figure, per CoinGecko data.HYPE’s divergence from BTC reflects Hyperliquid’s transformation from a crypto perpetual exchange into a multi-asset platform targeting real-world assets, pre-IPO markets, and global financial infrastructure, according to market observers.Matt Hougan, CIO of Bitwise, argued that the platform is undervalued in a tweet Monday, noting that it’s targeting the “$600 trillion global asset market.” He added that, “Hyperliquid is not a crypto app. It's a super app.”
