On May 19, 2026, Bitwise Chief Investment Officer Matt Hougan published a note that is already causing a lot of talk in the crypto universe. According to him, HYPE is one of the most misvalued assets in the crypto market today. And yet, the token has shown an increase of 77% since the start of 2026. Which makes it the best performance among large-cap cryptocurrencies.
In brief
- Bitwise estimates that the HYPE token is undervalued despite its 77% rise.
- Hyperliquid is establishing itself as a crypto super-app generating up to $1 billion in annual revenue.
- HYPE is becoming one of the most watched tokens in the crypto sector.
A financial anomaly in the crypto market?
Matt Hougan's announcement had the effect of a bomb within the crypto ecosystem. According to him, investors are committing a fundamental category error.
The fact is that the market values Hyperliquid as a simple, fast-growing crypto perpetual futures exchange. However, it should be evaluated as a global super-app. The reason is that it covers all assets:
- cryptocurrencies;
- actions;
- raw materials;
- predictive markets…
So the addressable universe would not be the $3 trillion crypto market, but the estimated $600 trillion global asset market. And that's not all! There Hyperliquid crypto platform alone generated $170 billion in trading volume in the past month alone.
A “Gen 2” token that changes the rules of the game
Hougan distinguishes HYPE from first-generation tokens like UNI or AAVE, designed without direct value capture to avoid being reclassified as securities by the SEC. HYPE would be a second generation token.
With an annual revenue estimated between $800 million and $1 billion and a market capitalization around $10 to $11 billion, the crypto HYPE trades at around 10 to 14 times that buyback flow. For comparison, Robinhood trades at a price-to-earnings ratio of 37, and CME at 24 for much lower growth rates.
The market reaction was also immediate after these declarations. The proof: the HYPE course came close to the psychological mark of $50. At the time of writing, this crypto asset is trading around $48.
With this very notable position, Bitwise clearly places Hyperliquid among the most promising crypto projects of the moment. It remains to be seen whether the market will follow this optimistic vision in the coming months.
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