Bitwise Calls HYPE Crypto’s Most Mispriced Asset
Bitwise said on Tuesday that Hyperliquid’s HYPE token is one of crypto’s most mispriced assets, arguing the market is still valuing the project like a niche perpetual futures venue rather than a broader trading platform. The call matters now because HYPE has already climbed 77% this year, yet Bitwise says investors are still missing the scale of the business it is trying to build. [1][2]
Key Metrics
- HYPE is up 77% year to date, making it the best-performing large-cap crypto asset of 2026, according to Bitwise CIO Matt Hougan. [1][2]
- Hougan said Hyperliquid processed about $170 billion in monthly volume, a level he said points to demand beyond crypto-only trading. [1]
- HYPE traded near $48.70 after rising more than 8% in 24 hours, with its market value above $11 billion, according to market data cited in recent reports. [3]
- Bitwise is using 10% of management fees from its BHYP product to buy and hold HYPE directly, linking product demand to token exposure. [2][4]
- Hougan said the market is pricing Hyperliquid as a fast-growing crypto futures exchange, while he believes it should be compared with a broader global trading platform. [1][2][5]
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Bitwise says the market is underestimating HYPE
In a memo released Tuesday, Hougan said the market is making “two errors” in valuing Hyperliquid. First, he argued investors are treating the platform as a crypto-native derivatives exchange. Second, he said they are underestimating how much value the token captures from platform activity. [2][4]
Bitwise’s core argument is that Hyperliquid is moving beyond its original role as a perpetuals venue. Hougan described it as a potential “super-app” for trading across crypto, equities, commodities, foreign exchange, prediction markets and structured products. [1][2][5]
That framing matters for investor behavior. If Hyperliquid is viewed as a narrow crypto exchange, its addressable market looks limited. If it is viewed as a broader trading platform, the valuation model changes materially. Analysts note that the difference is less about a single token and more about what kind of business investors think Hyperliquid can become. [1][2]
HYPE’s rally has not resolved the valuation debate
The token’s 77% advance this year has not closed the gap in Bitwise’s view. Hougan said HYPE remains undervalued even after the rally, pointing to Hyperliquid’s trading volumes and the platform’s broader market reach. [2][4]
Recent reports put HYPE near $48.70 and above an $11 billion market capitalization after an 8% daily gain. Those figures underscore how quickly the token has rerated, but they also show that Bitwise’s thesis is not based on a depressed price alone. The firm is arguing that the market still has not fully adjusted to the scale of the opportunity. [3][4]
| Metric | Verified reading | Why it matters |
|---|---|---|
| HYPE year-to-date performance | +77% | Shows the market has already recognized some growth, but not necessarily the full thesis. [2][4] |
| Monthly trading volume | $170 billion | Supports Bitwise’s view that Hyperliquid’s activity extends beyond a narrow crypto niche. [1][4] |
| Recent token price | About $48.70 | Indicates the token has already re-rated sharply, raising the bar for further upside. [3] |
| Market capitalization | Above $11 billion | Places HYPE among larger crypto assets, which makes the valuation debate more institutional. [3] |
Bitwise’s product move adds a second signal
Bitwise’s BHYP product is also part of the story. The firm said it will allocate 10% of management fees to buy and hold HYPE directly. That is a meaningful vote of confidence from a major asset manager, and it ties product economics to token demand in a way that could matter for market attention. [4]
Market participants view that as more than marketing. It suggests Bitwise sees HYPE not only as a speculative asset, but as a token with enough platform linkage to justify direct accumulation inside a listed product structure. Interpretation based on available data. [4]
There is, however, a clear risk. Hyperliquid’s valuation case depends on sustained growth in trading activity and on the market accepting a much wider competitive set than crypto perpetuals alone. If volumes slow or the platform fails to expand beyond its core user base, the “super-app” framing becomes harder to defend. [1][2][5]
Why the HYPE call matters for the market
The Bitwise note also speaks to a broader shift in how crypto assets are being judged. Tokens are increasingly being compared not just on protocol design, but on the size of the business they can capture and the extent to which product usage translates into token value. [2][4]
For investors, that means HYPE is now being discussed less as a single-exchange token and more as a proxy for the growth of onchain trading infrastructure. For competitors, it raises the pressure to show similar breadth, especially if Hyperliquid keeps attracting volume outside the narrow crypto perp category. [1][2][5]
The uncertainty is that this broader valuation framework still rests on a relatively young platform and a fast-moving market. Hyperliquid’s growth is real, but the durability of that growth, and the extent to which it can extend into other asset classes, remains unproven. That leaves HYPE exposed if sentiment turns or if execution falls short of the expansion thesis. [1][2][5]
Sources
- https://experts.bitwiseinvestments.com/cio-memos/hyperliquid-is-what-you-get-when-crypto-is-allowed-to-grow-up
- https://www.coindesk.com/podcasts/markets-daily/chaos-is-a-ladder-bitwise-s-matt-hougan-on-bitcoin-s-path-to-usd1m
- https://yellow.com/news/hype-biggest-bargain-bitwise-chief
- https://crypto.news/hyperliquids-hype-could-still-be-mispriced-bitwise-says/
- https://www.mexc.co/news/1102287
