Bitwise CIO Sees Hyperliquid's HYPE Token as Undervalued Despite 77% Surge

Bitwise Chief Investment Officer Matt Hougan has stated that despite Hyperliquid's native token, HYPE, rising by 77% this year, it remains undervalued in the market. According to Odaily, Hougan believes that while Hyperliquid is currently seen as a rapidly growing crypto perpetual contract exchange, its true potential lies in becoming a global trading super app covering stocks, pre-IPO assets, commodities, prediction markets, and crypto assets. Hougan anticipates that the proportion of non-crypto asset trading volume on the Hyperliquid platform will increase from nearly half to 70%. Bitwise has recently launched an exchange-traded fund based on HYPE and plans to use part of the management fees to continue increasing its holdings of HYPE.