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Bitwise Says HYPE Trading at 'Distorted Valuation' Despite 77% YTD Gain

GateNews

Stocks Market Analysis Price Prediction

2026-05-20 06:45:58

HYPE7.34%

According to BlockBeats reporting Bitwise's analysis on May 20, the asset management firm called Hyperliquid's native token HYPE "one of the most distorted assets in crypto today," with Chief Investment Officer Matt Hougan arguing investors underestimate its impact and value despite a 77% year-to-date surge. Hougan noted that HYPE's mispricing stems partly from the market viewing Hyperliquid solely as a crypto perpetual futures exchange, when it should be priced as a "global super-app"—the platform now handles roughly half its trading volume in non-crypto assets including equities and prediction markets. Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange last Friday.

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