Matt Hougan, Chief Investment Officer at Bitwise, believes Hyperliquid and its native token HYPE are among the most overlooked opportunities in crypto right now.
In a recent market note, Hougan described Hyperliquid as one of the most important crypto projects to emerge in recent years, arguing that investors are still underestimating the platform’s long-term potential.
HYPE Becomes One of 2026’s Top-Performing Crypto Assets
According to Hougan, HYPE has been one of the strongest-performing large-cap crypto assets of 2026, gaining nearly 77% year-to-date.
Momentum around the token accelerated further following the launch of a new ETF tied to the Hyperliquid ecosystem last week.
More Than Just a Perpetual Futures Exchange
Hougan believes the market is incorrectly valuing Hyperliquid as simply another crypto perpetuals trading platform.
Instead, he argues the project is evolving into a broader multi-asset financial ecosystem that already supports:
- Crypto trading
- Commodities
- S&P 500 futures
- Cross-market derivatives
The platform reportedly processed around $170 billion in trading volume over the past month alone.
HYPE’s Buyback Model Drawing Attention
A major factor behind Hougan’s bullish outlook is Hyperliquid’s token economics.
According to Bitwise:
- Approximately 99% of platform trading fees are allocated toward HYPE buybacks
- The structure creates direct value linkage between platform activity and token demand
- The model resembles a revenue-generating digital asset rather than a purely speculative token
Hougan described HYPE as part of a “second-generation” crypto asset class built around sustainable cash flow and real platform utility.
Regulatory Questions Still Remain
Despite the optimism, Hyperliquid still faces important challenges, particularly regarding:
- US regulatory integration
- Institutional compliance
- Long-term legal clarity
- Expansion into traditional financial markets
However, Bitwise believes the project is steadily moving toward becoming a global crypto-finance super app.
Institutional Investors Watching Closely
The report suggests that projects like Hyperliquid may reshape how institutional investors evaluate DeFi and crypto infrastructure moving forward.
Rather than focusing solely on speculation, investors are increasingly looking at:
- Revenue generation
- Real-world usage
- Trading volume
- Sustainable token models
- Ecosystem growth
As the crypto industry matures, platforms capable of combining utility, liquidity, and scalable financial infrastructure may attract greater institutional attention in the years ahead.
