Bitwise asset manager has identified Hyperliquid’s HYPE token as one of the most mispriced and undervalued assets in the cryptocurrency market today.
This assessment comes as institutional investors seek high-growth assets that offer intrinsic value through specific economic models, such as buy-backs, rather than speculative momentum alone.
Matt Hougan, the chief investment officer at Bitwise, said that Hyperliquid is one of the most important crypto projects to emerge in years. Despite the HYPE token seeing a 77% price increase this year [1], Hougan said the asset does not reflect its actual potential.
Hougan said the token is not priced as if it is tied to a “global super-app.” He pointed to the platform's buy-back model as a primary driver of intrinsic value that continues to make the asset undervalued [2].
Bitwise has further integrated the asset into traditional finance by launching the BHYP ETF on the New York Stock Exchange. Following the debut of this ETF, the HYPE token price rose by more than five percent [3].
This price action occurred even as other sectors of the crypto market faced sell-offs. The ability of HYPE to maintain upward momentum suggests a decoupling from broader market volatility, which Hougan said is due to the fundamental strength of the Hyperliquid ecosystem [3].
By positioning Hyperliquid as a potential super-app, Bitwise is signaling a shift toward valuing decentralized platforms that provide comprehensive utility, and sustainable tokenomics [2].
“"Hyperliquid is one of the most important crypto projects to emerge in years."”
The endorsement from Bitwise and the launch of a dedicated ETF on the NYSE signal an attempt to bridge decentralized finance (DeFi) with institutional capital. By highlighting the 'buy-back' model and 'super-app' potential, Bitwise is promoting a valuation framework based on cash-flow-like mechanics rather than pure speculation, which could influence how other large-cap crypto assets are priced.
