Matt Hougan believes investors are significantly underestimating both Hyperliquid and its native HYPE token, describing the project as one of the most important developments in the crypto industry in recent years.
Despite the platform still being unavailable to users in the United States, Hougan said Hyperliquid has become one of the fastest growing financial businesses he has ever observed.
Hyperliquid Expands Beyond Crypto Trading
In a recent memo, the Bitwise executive explained that Hyperliquid has evolved far beyond a standard crypto perpetual futures exchange.
According to Hougan, the platform is increasingly positioning itself as a financial “super app” that offers access to multiple asset classes, including commodities, S&P 500 futures, pre IPO stocks, and prediction markets.
He added that Hyperliquid’s rapid growth has been partly supported by the changing regulatory climate under Paul Atkins. Hougan referenced comments made by Atkins in November 2025 that supported the idea of multi asset trading platforms operating outside traditional SEC regulatory frameworks.
The Bitwise CIO stated that nearly half of Hyperliquid’s trading volume now comes from non crypto assets, with that figure potentially climbing to 70 percent before the end of the year.
Even without access to the US market, Hougan noted that the platform is already generating approximately 170 billion dollars in monthly trading volume.
HYPE Token Seen as a New Generation Crypto Asset
Hougan also described HYPE as a “Gen 2” crypto token designed specifically to generate value for holders from the very beginning.
He highlighted Hyperliquid’s reported strategy of allocating 99 percent of trading fees toward buying back HYPE tokens, creating direct economic value tied to platform activity.
According to Hougan, this structure is very different from many earlier crypto governance tokens launched during the tenure of former SEC Chair Gary Gensler.
He explained that many older governance tokens intentionally avoided strong economic connections to their underlying platforms in order to reduce the appearance of profit expectations.
Hougan believes future token designs will increasingly adopt models similar to Hyperliquid’s approach. He argued that this is one reason why HYPE has become one of the best performing large cap crypto assets over the past year.
The Bitwise executive further claimed that HYPE may currently be one of the most mispriced assets in the crypto market due to investor misunderstanding and valuation bias.
Institutional Interest Continues to Grow
Hougan’s comments arrive shortly after 21Shares launched the first US spot ETF tracking the HYPE token under the ticker THYP.
Bitwise later introduced its own HYPE focused exchange traded fund under the ticker BHYP on the New York Stock Exchange.
While many major cryptocurrencies continue facing market pressure, HYPE has significantly outperformed the broader market. Over the past week alone, the token has gained more than 25 percent.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
