Bitwise CIO Matt Hougan said Hyperliquid is undervalued as HYPE gains 77% this year and its buyback model drives value.

HYPE tokens surged over 5% on Monday after Bitwise’s spot ETF debut on NYSE Arca offset regulatory pressure instigated by CME and ICE.

Hyperliquid’s HYPE token has jumped as its HIP-3 pre-IPO perp marketplace heats up ahead of a series of high-profile tech IPOs.

Hyperliquid now regularly beats out Ethereum and Solana in weekly blockchain fee generation, driven largely by perpetual futures.

Bitwise will hold HYPE from Hyperliquid ETF fees as HYPE funds pass $5.6M in inflows after 21Shares and BHYP launches.

Bitwise CIO says Hyperliquid targets the $600T global asset market as ETFs, USDC support, and tokenized stock momentum grow.

Bitwise calls Hyperliquid’s HYPE token one of crypto’s most undervalued assets

Bitwise CIO Matt Hougan said Hyperliquid is undervalued as HYPE gains 77% this year and its buyback model drives value.

The asset manager recently launched a HYPE-based exchange-traded fund and said it will use some of the fees generated to buy the token.

Crypto investors have underestimated Hyperliquid’s token, HYPE, valuing the platform as a crypto exchange instead of an all-encompassing finance app, says Bitwise’s Matt Hougan.

Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.

Hyperliquid's HYPE token crossed $50 on Wednesday for the first time since September 2025, fueled in part by a high-profile call from Bitwise's chief investment officer.

Hyperliquid’s token is up while other assets are down, which analyst Eric Balchunas says has led to a rare trading boom in newly launched HYPE-related ETFs.

Hyperliquid's HYPE token nears its all-time high as derivatives open interest hits $9.4B, fee revenue dominates crypto, and short squeeze conditions build.

Hyperliquid’s HYPE logged double-digit gains on the day, as ETF demand outpaced the token's supply reduction mechanism.

Hyperliquid is trading just 2.5% below its all-time high as Grayscale, Galaxy and an a16z-linked wallet collectively accumulated HYPE.

HYPE nears its all-time high as the new AQAv2 Coinbase partnership and historic spot ETF launches fuel a massive 50% weekly rally.

Hyperliquid's HYPE token hits a new all-time high near $59.4, up over 1,600% from its November 2024 low, driven by massive derivatives volumes on the DeFi-focused Layer-1.

Of note, Grayscale-linked wallets reportedly accumulated over $40 million worth of HYPE over the past week.