Bitwise Bullish on Hyperliquid: HYPE Labeled ...

Bitwise’s Matt Hougan Says Hyperliquid ‘Undervalued’ as HYPE Rallies 20%

Bitwise CIO Matt Hougan calls Hyperliquid and HYPE 'undervalued' as ETF launches and token buybacks fuel a 20% rally and long-term upside for investors.

Bitwise Chief Investment Officer Matt Hougan delivered a bullish take on Hyperliquid this week, arguing the market is mispricing the platform and its native HYPE token. His comments followed Bitwise’s launch of a HYPE exchange-traded fund (ETF) and coincided with fresh ETF interest from 21Shares — catalysts that helped push HYPE roughly 20% higher in the past week.

Hougan framed Hyperliquid not merely as a perpetual futures venue but as an emerging global “super app” for trading. He sees the platform expanding beyond crypto into stocks, commodities, foreign exchange, pre-IPO assets and prediction markets. This broader vision, he argues, represents a pricing error by investors who currently treat Hyperliquid as a narrow exchange rather than a diversified trading ecosystem.

A central pillar of Hougan’s bullish thesis is Hyperliquid’s fee model. He highlighted that about 99% of trading fees are directed toward HYPE token buybacks — a mechanism that aligns platform revenue with token economics. According to Hougan’s estimates, Hyperliquid could generate annual revenue in the range of $800 million to $1 billion, suggesting significant upside if the business scales as a multi-asset trading app.

Despite HYPE’s strong performance — up roughly 77% year-to-date — Hougan maintained the token remains undervalued. He noted that even with recent gains and the ETF-driven rally, HYPE was trading just above $48 at the time of reporting, about 18% below its all-time high of $59. For investors, the combination of token buybacks, expanding product scope and ETF accessibility creates a compelling bull case.

The market reaction to Bitwise and 21Shares launching HYPE ETFs underscores growing institutional interest. ETF listings can improve liquidity and visibility, potentially accelerating adoption and narrowing the valuation gap Hougan highlighted. Still, investors should weigh regulatory, market and execution risks as Hyperliquid pursues its “super app” strategy.

In short, Bitwise’s public endorsement has fueled renewed attention on Hyperliquid and HYPE. Whether the market fully re-rates the token will depend on execution, revenue growth and sustained ETF inflows — but Hougan’s view makes a clear case that HYPE’s current price may not reflect its long-term potential.

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