Bitwise says the market is significantly underestimating Hyperliquid’s HYPE token, arguing that investors are incorrectly valuing the platform as a niche crypto derivatives exchange rather than a rapidly expanding “super-app” for global financial trading.
In a Tuesday blog post, Bitwise CIO Matt Hougan said the market is making “two errors” in its assessment of Hyperliquid: underestimating the total addressable market the platform is targeting and overlooking how directly the HYPE token captures value from platform activity.
HYPE traded more than 8% higher over the past 24 hours, changing hands around $48.70 at the time of writing.
“Today’s prices suggest you’re being offered the second at the cost of the first,” Hougan said, referring to Hyperliquid’s broader ambitions to support trading across crypto, equities, commodities, foreign exchange, and prediction markets.
Hyperliquid is a decentralized trading platform initially built around crypto perpetual futures, but it has recently expanded into additional asset classes including equities, commodities, and prediction markets. This expansion has contributed to rising trading volumes and growing investor attention.
Hougan estimated that Hyperliquid is currently generating between $800 million and $1 billion in annualized revenue, while trading at roughly 10–14 times its buyback stream. He argued this compares favorably with traditional exchanges such as Robinhood (HOOD) and CME Group (CME), which command higher valuation multiples despite slower growth profiles.
According to Bitwise, Hyperliquid represents a new model of crypto platform where token value is directly linked to ecosystem performance. Hougan noted that 99% of trading fees are used to buy back HYPE tokens, creating a strong feedback loop between platform activity and token demand.
The firm also pointed to a shifting regulatory backdrop in the United States, suggesting that recent signals from SEC Chair Paul Atkins are increasingly supportive of financial “super-app” models that integrate multiple asset classes under a unified framework.
In addition, Hyperliquid’s recent partnership with Coinbase (COIN) and Circle (CRCL) is seen as reshaping stablecoin economics, redirecting value away from issuers and toward trading platforms. Analysts say this dynamic could strengthen long-term demand for HYPE while potentially compressing margins for Circle.
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