Bitwise CIO: HYPE Token Undervalued Despite 77% YTD Rally, Sees 'Gen 2' Potential

According to Bitwise Chief Investment Officer Matt Hougan, HYPE remains undervalued as the best-performing large-cap crypto asset of 2026, up 77% year-to-date, despite Hyperliquid expanding beyond crypto into equities, pre-IPO stocks, commodities, and prediction markets. The perpetual futures platform generated $170 billion in trading volume over the past month.

Bitwise recently launched a HYPE-based ETF (BHYP) and plans to use a portion of management fees to accumulate HYPE tokens. Hougan noted that 99% of trading fees generated on Hyperliquid are directed to HYPE buybacks. He expects non-crypto asset trading volume on the platform to grow from nearly 50% to 70% of total volume, positioning Hyperliquid's addressable market at the entire $600 trillion global asset class rather than the $3 trillion crypto market alone.