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

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.

A financial anomaly in the crypto market?

Matt Hougan’s announcement hit like a bomb within the crypto ecosystem. According to him, investors are making a fundamental category error.

The fact is that the market values Hyperliquid as a simple rapidly growing crypto perpetual futures exchange. Yet, it should be valued as a global super-app. The reason is that it covers all assets:

• cryptocurrencies;
• stocks;
• commodities;
• prediction markets…

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 crypto platform Hyperliquid alone generated $170 billion in trading volume in the past month.

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, on the other hand, would be a second-generation token.

With estimated annual revenue between $800 million and $1 billion and a market capitalization around $10 to $11 billion, HYPE crypto 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.

The market reaction was immediate following these statements. Proof of this: the HYPE price nearly hit the psychological $50 mark. At the time of writing, this crypto asset trades around $48.

With this very notable stance, Bitwise clearly places Hyperliquid among the most promising crypto projects at the moment. Now it remains to be seen if the market will follow this optimistic vision in the coming months.