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Hyperliquid's HYPE token up 77% in 2026 but still undervalued, says Bitwise CIO Matt Hougan.

Analyst Insights
20 May 2026
Crypto news
View Source
Bullish
pluang ai news

Hyperliquid's HYPE token has risen 77% this year, making it one of the best-performing large-cap crypto assets of 2026. Bitwise CIO Matt Hougan argues that the token remains undervalued because Hyperliquid's market extends beyond crypto futures to include commodities, equities, and prediction markets, with non-crypto assets possibly reaching 70% of trading volume by year-end. The platform's $170 billion monthly volume and a unique token model that ties value directly to platform activity support this view. Bitwise will also use 10% of management fees from its BHYP ETF to buy and hold HYPE tokens, signaling strong institutional confidence and adding market focus.

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