Bitwise has referred to HYPE as the "most price-distorted" cryptocurrency asset, believing that investors are underestimating its influence and value.

BlockBeats News, May 20th - Cryptocurrency asset management company Bitwise announced that Hyperliquid's native token HYPE is "one of the most distortedly priced assets in the current crypto market," despite its price having outperformed the market significantly this year. Bitwise's Chief Investment Officer Matt Hougan stated in a report on Tuesday, "Hyperliquid is one of the most significant crypto projects in years. Its native token HYPE is the best-performing large-cap crypto asset of 2026, having risen 77% year-to-date. But I still believe that investors are underestimating its impact and value."

Hougan believes that part of the reason for the pricing distortion of HYPE is that the market only sees Hyperliquid as a perpetual cryptocurrency futures exchange, whereas it should actually be priced as a "global super-app." He pointed out that besides mainstream crypto perpetual futures trading, the Hyperliquid platform also supports trading of stocks, prediction markets, and other assets, with nearly half of its trading volume now related to non-crypto assets.

Bitwise launched the HYPE Exchange-Traded Fund (ETF) on the New York Stock Exchange last Friday. The week before, 21Shares also launched a similar HYPE fund, which attracted only $1.2 million in net inflows on the first day, performing lower compared to the debut of other altcoin ETFs.

Hougan added that Hyperliquid has gradually become the realization of the "super-app" envisioned by Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), as an "unregulated platform" offering investors exposure to various asset classes. However, he also noted that the platform is "still in need of further development," currently not open to U.S. users, and requires integration into the U.S. regulatory framework.