Crypto asset supervisor Bitwise has known as Hyperliquid “one of the mispriced property in crypto right this moment,” regardless of its outperformance up to now this 12 months.
“Hyperliquid is among the most essential crypto tasks to emerge in years,” Bitwise funding chief Matt Hougan stated in a notes on Tuesday.
“Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And but I nonetheless suppose traders are underestimating its impression and its worth.”
Bitwise launched a HYPE exchange-traded fund on the New York Inventory Change on Friday. 21Shares launched an analogous HYPE fund earlier that week, which drew solely $1.2 million in internet inflows, low in comparison with different altcoin ETF debuts.
Hougan stated HYPE’s mispricing is partly because of the market valuing Hyperliquid solely as a perpetual crypto futures change, when it ought to be priced as a “international super-app.”
Hyperliquid’s primary focus is the favored sector of crypto perpetual futures buying and selling, however the platform additionally has buying and selling linked to shares, prediction markets and different property, with Hougan including that the platform sees almost half of its quantity tied to non-crypto property.
Supply: Matt Hougan
Different crypto platforms have additionally regarded to broaden past simply crypto, with many main US crypto exchanges, similar to Coinbase, Kraken and Gemini, working to broaden into prediction markets and tokenized equities buying and selling to shore up their stability sheets.
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SEC Chair Paul Atkins has additionally given his assist to “super-apps” that may custody and commerce a number of property on one regulatory license. He has tasked the regulator with exploring the way it can permit tokens tied to securities to commerce on platforms it does not regulate.
Hougan argued that Hyperliquid “has change into the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ providing traders publicity to ‘quite a lot of asset courses.'”
He added, nevertheless, that the platform “nonetheless must mature” as it’s not out there within the US and would wish to combine itself into the nation’s regulatory system.
BitMEX co-founder Arthur Hayes was additionally bullish on HYPE in a March weblog publish, saying the platform might proceed to see its token rally if it continues to tug quantity away from centralized exchanges and broaden its product choices.
