Bitwise CIO Says Hyperliquid Is Becoming a Crypto Super-App

Highlights:

• Bitwise CIO said Hyperliquid shows what crypto can become with real platforms.
• Hougan said HYPE’s 77% annual gain may still not reflect Hyperliquid’s full value.
• According to Bitwise, 99% of all trading fees on Hyperliquid go toward repurchasing HYPE.

Hyperliquid is becoming one of the top crypto projects this year, according to Bitwise Chief Investment Officer Matt Hougan. In a Tuesday memo, Hougan said Hyperliquid shows how crypto can grow when projects move beyond basic token models and build real financial platforms. He also noted that HYPE has gained 77% this year, making it the best-performing large-cap crypto asset. Hougan added that investors may still be underestimating Hyperliquid’s impact and long-term value.

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Is Hyperliquid a Super App?@Bitwise CIO Matt Hougan has officially designated @HyperliquidX as a "Super App" rather than a standard decentralized exchange.

This classification follows the protocol's aggressive expansion into a sovereign Layer 1 ecosystem that now secures over… pic.twitter.com/URMrkEhCzB

— BSCN (@BSCNews) May 19, 2026

Hyperliquid Moves Beyond Crypto Futures

Hyperliquid started as a perpetual futures exchange for crypto assets. However, the platform has now expanded into a wider range of markets. According to Bitwise, almost half of Hyperliquid’s current trading volume now comes from non-crypto markets. These include commodities, S&P 500 futures, pre-IPO stocks, and other assets.

Hougan anticipates that by the end of this year, the share will increase to 70%. The platform has also added prediction markets, allowing users to trade on real-world events. This transition reflects Hyperliquid’s transition to a financial “super-app” model, Hougan said. This essentially gives users the ability to tap into multiple markets from one platform, rather than one platform for each asset class.

But Hyperliquid still has some restrictions. It is unavailable to the U.S. market and remains to go through the U.S. regulatory process. Despite that, Hougan said one of the fastest-growing financial businesses he’s ever seen. Bitwise reported that they had handled $170 billion in trading volume in the last month. Hougan says that’s due to the platform’s efforts to appeal to a much larger market than just crypto.

HYPE Token Uses a New Value Model

Hougan also focused on HYPE’s token design. He said many older decentralized finance tokens were created mainly as governance tokens. These tokens often gave holders voting rights but had little direct link to platform revenue.

In his view, HYPE represents a newer model. Bitwise said 99% of trading fees generated on Hyperliquid go toward buying back HYPE. That creates a simple link between platform activity and token demand. More trading can lead to more buybacks, which can support value accrual for the token.

Hougan said this model may become more common in future crypto projects. He argued that greater regulatory clarity could enable more tokens to be designed with stronger economic links to their platforms.

Bitwise Says Hyperliquid May Be Undervalued

Hougan said the market may be valuing Hyperliquid too narrowly. In his view, investors are treating it like a crypto futures exchange, while it is building toward a broader trading platform across crypto, equities, commodities, foreign exchange, prediction markets, and other financial products.

Bitwise pegged Hyperliquid’s annual sales between $800 million and $1 billion. It had a market cap of approximately $10 billion to $11 billion, so investors are buying into its buyback stream at around 10 to 14 times its market capitalization, Hougan said. He compared that valuation with financial platforms like Robinhood and CME, adding that the token holders don’t hold the same legal rights as the equity holders.

Hougan did not say Hyperliquid is guaranteed to win. He pointed to possible competition and future regulatory changes as risks. However, he said the project gives the market an early look at how crypto platforms may develop when they connect real usage, real revenue, and token value more directly.

HYPE is currently trading at $48.71, up 2% in the past 24 hours. If buyers stay in control, the token could retest its previous all-time high near $59.

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