Token

Robinhood

Hyperliquid

<p>On May 19, 2026, Bitwise’s Chief Investment Officer Matt Hougan published a note that is already making waves in the crypto world. According to him, HYPE is one of the most undervalued assets in the crypto market today. Yet, the token shows a 77% increase since the beginning of 2026. Making it the best-performing among large-cap cryptocurrencies.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>Bitwise considers the HYPE token undervalued despite its 77% rise.</li>
   <li>Hyperliquid establishes itself as a crypto super-app generating up to 1 billion dollars in annual revenue.</li>
   <li>HYPE becomes one of the most watched tokens in the crypto sector.</li>
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<h2 id="h-a-financial-anomaly-in-the-crypto-market">A financial anomaly in the crypto market?</h2>
<p>Matt Hougan’s announcement hit like a bomb within the crypto ecosystem. According to him, investors are making a <strong>fundamental category error</strong>.</p>
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<p>The fact is that the market values Hyperliquid as a simple <a href="https://www.cointribune.com/en/binance-dominates-as-crypto-derivatives-outpace-spot-trading/" rel="noopener noreferrer nofollow">rapidly growing crypto perpetual futures exchange</a>. Yet, it should be valued as <strong>a global super-app</strong>. The reason is that it covers all assets:</p>
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 <li>cryptocurrencies;</li>
 <li>stocks;</li>
 <li>commodities;</li>
 <li>prediction markets…</li>
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<p>Thus, the addressable universe would not be the $3 trillion crypto market, but the global asset market estimated at $600 trillion. And that’s not all! The <strong>crypto platform Hyperliquid</strong> alone generated $170 billion in trading volume in the past month.</p>
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<h2 id="h-a-gen-2-token-that-changes-the-rules-of-the-game">A “Gen 2” token that changes the rules of the game</h2>
<p>Hougan distinguishes HYPE from first-generation tokens like <a href="https://www.cointribune.com/en/crypto-uni-rises-15-after-key-uniswap-fee-vote/" rel="noopener noreferrer nofollow">UNI</a> or AAVE, designed without direct value capture to avoid being reclassified as securities by the SEC. HYPE, on the other hand, would be a <strong>second-generation token</strong>.</p>
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<p>With estimated annual revenue between $800 million and $1 billion and a market capitalization around $10 to $11 billion, <strong>HYPE crypto</strong> trades at about 10 to 14 times this redemption flow. By comparison, Robinhood trades at a price/earnings ratio of 37, and CME at 24 with much lower growth rates.</p>
<p>The market reaction was immediate following these <a href="https://experts.bitwiseinvestments.com/cio-memos/hyperliquid-is-what-you-get-when-crypto-is-allowed-to-grow-up" rel="noopener noreferrer nofollow">statements</a>. Proof of this: the <strong><a href="https://www.cointribune.com/en/crypto-markets/hyperliquid-hype-en/" rel="noopener noreferrer nofollow">HYPE price</a></strong> nearly hit the psychological $50 mark. At the time of writing, this crypto asset trades around $48.</p>
<p>With this very notable stance, Bitwise clearly places Hyperliquid among the <a href="https://www.cointribune.com/en/hyperliquid-tron-and-midnight-reshape-crypto-market-trends/" rel="noopener noreferrer nofollow">most promising crypto projects at the moment</a>. Now it remains to be seen if the market will follow this optimistic vision in the coming months.</p>

Bitwise Judges Hyperliquid’s HYPE Token as the Most Undervalued Crypto Asset on the Market Right Now

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