Bitwise Says Hyperliquid (HYPE) Still Undervalued Despite Strong 2026 Rally

Bitwise investment chief Matt Hougan said Hyperliquid ranks among the most significant crypto projects in recent years and may still be undervalued by the market. He noted that its native token, HYPE, has surged 77% year-to-date in 2026, even as investors continue to overlook its wider importance.

Hougan added that this valuation gap stems largely from the market’s current framing of Hyperliquid as a perpetual futures trading platform. However, he described it as closer to a “global super-app,” highlighting its expansion into stocks, prediction markets, and other asset classes. He also pointed out that nearly half of the platform’s trading volume now comes from non-crypto instruments.

Source: Bitwise CIO Matt Hougan