Bitwise labels HYPE as the most mispriced crypto after 77% YTD gain

Bitwise Asset Management is spotlighting Hyperliquid as a standout, calling it “one of the most mispriced assets in crypto today” even as the project has begun to deliver strong performance this year. In a Tuesday note, Bitwise’s chief investment officer Matt Hougan argued that Hyperliquid’s native token, HYPE, has surged 77% year-to-date, suggesting investors are underestimating both its impact and its value.

The momentum comes as Bitwise and 21Shares rolled out exchange-traded funds tied to HYPE in the United States last week, signaling growing institutional interest in integrating innovative crypto exposures into traditional markets. Hougan contends the market has mispriced Hyperliquid by focusing on its role as a perpetual crypto futures exchange, rather than recognizing its broader potential as a “global super-app.”

Key takeaways

• Hyperliquid’s HYPE token has climbed about 77% year-to-date, according to Bitwise’s assessment, fueling a debate on its true economic value beyond futures trading.
• Bitwise launched a HYPE exchange-traded fund on the NYSE, joining a wave of traditional-finance players seeking to offer crypto-native strategies to conventional investors.
• 21Shares previously rolled out a HYPE ETF, which drew roughly $1.2 million in net inflows on debut—an uptake that was solid but modest against other altcoin ETF starts.
• Hyperliquid’s platform centers on perpetual futures but also spans stocks, prediction markets and other assets, with nearly half of its volume tied to non-crypto assets.
• The regulatory backdrop is evolving: SEC Chair Gary Gensler’s successor or contemporaries have signaled openness to “super-app” structures that custody and trade multiple asset types, including tokens tied to securities, on platforms beyond traditional oversight.

Hyperliquid’s multi-asset thesis versus market pricing

At the heart of the debate is how investors should value Hyperliquid. While the platform is best known for its crypto perpetual futures activities, Hougan argues the project is best understood as a multi-asset gateway—the kind of “global super-app” that could unify crypto trading with stocks, prediction markets and other asset classes. In his view, treating Hyperliquid primarily as a crypto futures exchange understates its strategic reach and growth potential.

Hyperliquid has positioned itself to capture a broader slice of activity by integrating non-crypto assets into its trading fabric. Hougan notes that nearly half of the platform’s volume is linked to assets outside the crypto space, a detail that underlines the case for a valuation that reflects cross-asset demand rather than pure crypto futures exposure. The argument mirrors a broader shift in crypto markets as platforms expand into asset tokenization, prediction markets and other revenue sources to diversify revenue streams.

ETF launches as a bridge to traditional investors

The listing of HYPE-linked ETFs marks a milestone in the ongoing effort to translate crypto exposure into familiar investment vehicles. Bitwise’s NYSE listing follows 21Shares’ earlier foray into the same space. While 21Shares’ debut drew about $1.2 million in net inflows, industry observers have cautioned that this level remains modest when stacked against other high-profile altcoin ETF launches. The performance of these products in their early weeks can influence how comfortably traditional investors tilt toward newer crypto-native strategies.

Beyond investor sentiment, the ETF path underscores a broader trend: traditional market participants seeking regulated access points to innovative crypto protocols. Hyperliquid’s blend of futures trading with cross-asset functionality may appeal to funds looking for diversified crypto exposures without venturing fully into unregulated, purely crypto-native markets.

Regulatory landscape and US access

The environment around multi-asset, crypto-forward platforms is evolving. SEC Chair Paul Atkins and other regulators have signaled interest in “super-app” concepts that can custody and trade multiple asset types under a single regulatory framework. In that context, Atkins has called for exploring how tokens tied to securities might trade on platforms that fall outside conventional regulatory confines, potentially paving the way for broader adoption of cross-asset crypto platforms like Hyperliquid.

Despite the regulatory enthusiasm for broader functionality, Hyperliquid remains outside the United States for now. Hougan stressed that while the platform has matured in several respects, it will need to engage with U.S. regulators and adapt to the country’s framework before it can officially operate there. The path to a U.S. launch will likely hinge on compliance with custody, trading, and securities-token provisions that have proven complex across the sector.

Industry observers note that the push to expand beyond crypto is not unique to Hyperliquid. Other major US crypto platforms—such as Coinbase, Kraken and Gemini—have explored prediction markets and tokenized equities to diversify revenue. The broader question is how regulators will balance investor protection with innovation as platforms seek to aggregate multiple asset classes under one roof.

Beyond the regulatory dialogue, market participants are watching for concrete signals about how Hyperliquid could reframe liquidity and trading choices. Arthur Hayes, co-founder of BitMEX, has also signaled bullish views in connection with HYPE, suggesting that continued volume growth and product expansion could sustain a rally in the token. His perspective complements the investor focus on expanding the platform’s cross-asset capabilities and on attracting users away from centralized exchanges.

For now, Hyperliquid’s true valuation may hinge as much on regulatory clarity as on product milestones. The interplay between expansion plans, cross-asset demand, and regulatory acceptance will shape how quickly HYPE-derived strategies influence the broader crypto market.

In parallel with these developments, industry outlets have highlighted regulatory pushes around Hyperliquid energy trading and related platforms, underscoring a wider debate about how much room regulators will grant for cross-asset crypto ecosystems to operate with fewer friction points. As markets digest these signals, investors and builders will be closely watching how the U.S. path unfolds and whether Hyperliquid can ultimately blend compliance with its multi-asset ambitions.

Looking ahead, observers will want to track regulatory milestones, potential U.S. access developments, and the degree to which Hyperliquid realigns pricing with its broader platform thesis rather than solely its futures-oriented roots.

This article was originally published as Bitwise labels HYPE as the most mispriced crypto after 77% YTD gain on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.