TechFlow News, May 20: According to The Block, Matt Hougan, Chief Investment Officer at Bitwise, stated that despite the Hyperliquid native token HYPE rising 77% year-to-date—making it the top-performing large-cap crypto asset of 2026—it remains undervalued by the market. Hougan believes the market currently views Hyperliquid solely as a rapidly growing crypto perpetuals exchange, whereas its true potential lies in becoming a “global super-app” spanning all asset classes. Its target market should be benchmarked against the $60 trillion global assets market—not just the $3 trillion crypto market.
He also noted that 99% of Hyperliquid’s trading fees are used to repurchase HYPE, creating a positive flywheel effect: increased trading volume → increased buybacks → value accumulation. Additionally, Hougan forecasts that non-crypto asset trading volume on the platform will rise from nearly 50% today to 70%.
