Crypto asset supervisor Bitwise has referred to as Hyperliquid “probably the most mispriced property in crypto as we speak,” regardless of its outperformance to date this yr.
“Hyperliquid is without doubt one of the most vital crypto initiatives to emerge in years,” Bitwise funding chief Matt Hougan stated in a observe 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 affect and its worth.”
Bitwise launched a HYPE exchange-traded fund on the New York Inventory Change on Friday. 21Shares launched an identical HYPE fund earlier that week, which drew solely $1.2 million in web inflows, low in comparison with different altcoin ETF debuts.
Hougan stated HYPE’s mispricing is partly as a result of market valuing Hyperliquid solely as a perpetual crypto futures change, when it must be priced as a “world super-app.”
Hyperliquid’s important 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 practically half of its quantity tied to non-crypto property.
Supply: Matt Hougan
Different crypto platforms have additionally seemed to develop past simply crypto, with many main US crypto exchanges, similar to Coinbase, Kraken and Gemini, working to develop into prediction markets and tokenized equities buying and selling to shore up their steadiness sheets.
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SEC Chair Paul Atkins has additionally given his help 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 doesn’t regulate.
Hougan argued that Hyperliquid “has turn into the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ providing traders publicity to ‘a wide range of asset lessons.’”
He added, nonetheless, 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 submit, saying the platform may proceed to see its token rally if it continues to drag quantity away from centralized exchanges and develop its product choices.
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