Bitwise CIO Sees Hyperliquid Targeting $600 Trillion Asset Market

Bitwise Chief Investment Officer Matt Hougan argues that Hyperliquid (HYPE) should be valued against the $600 trillion global asset market rather than the $3 trillion crypto universe. According to BeInCrypto, Hougan highlighted the platform's unique approach, routing nearly all trading fees into buybacks, distinguishing it as a Gen 2 token. Since its mid-May NYSE debut, Bitwise's spot Hyperliquid ETF, BHYP, has attracted close to $60 million, marking the strongest single-asset crypto ETP launch since Bitcoin. HYPE traded near $68 on Saturday, up 10% in 24 hours.