Regardless of not being out there to US customers, Hougan calls Hyperliquid one of many fastest-growing monetary companies he has seen.
Bitwise Chief Funding Officer Matt Hougan described Hyperliquid as one of the crucial essential crypto tasks to emerge in recent times.
He believes that traders proceed to underestimate each the platform’s long-term affect and the valuation of its native HYPE token.
Progress Trajectory
In a current memo, Hougan said Hyperliquid has advanced past a crypto perpetual futures change right into a monetary “super-app” providing publicity to a number of asset courses, together with commodities, S&P 500 futures, pre-IPO shares, and prediction markets. In line with Hougan, the platform’s progress has been pushed partially by the regulatory atmosphere rising beneath SEC Chairman Paul Atkins, whose November 2025 remarks supported the event of multi-asset buying and selling platforms working outdoors typical SEC constructions.
The Bitwise exec famous that Hyperliquid now derives practically half of its buying and selling quantity from non-crypto belongings and claimed the determine may rise to 70% by year-end. Regardless of the platform remaining unavailable to US customers, he described it as “one of many fastest-growing monetary companies” he has seen, whereas citing roughly $170 billion in month-to-month buying and selling quantity.
Hougan additionally said that Hyperliquid represents a “Gen 2” token designed from Day 1 to accrue worth, as he highlighted the platform’s reported coverage of directing 99% of buying and selling charges towards shopping for again HYPE tokens. That is very totally different from tokens launched throughout former chair Gary Gensler’s tenure. Hougan defined that these “governance tokens” that had little or no financial tie to the underlying blockchain or utility, as they sought to take away any expectation of revenue.
“Sooner or later, I think this would be the norm for token design. Within the meantime, it’s one of many causes Hyperliquid is the best-performing large-cap crypto asset on the earth over the previous 12 months.”
Hougan additional claimed HYPE is at present one of the crucial mispriced belongings in crypto because of class in addition to anchoring error.
Institutional Momentum
His feedback come days after 21Shares rolled out the primary US spot ETF monitoring Hyperliquid’s token beneath the THYP ticker. Bitwise followed go well with with one other exchange-traded fund monitoring HYPE, beneath the ticker BHYP on the New York Inventory Change (NYSE).
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Whereas different main crypto belongings proceed to battle, HYPE is main the market rally. Over the previous week alone, the token has amassed over 25% in positive aspects.
