CoinDesk
Bitwise has named Hyperliquid's HYPE token one of the most undervalued assets in crypto right now, joining a small but growing chorus of institutional voices highlighting the on-chain perpetuals venue as a structural pick.
Why it matters
Bitwise is one of the most visible crypto asset managers in the US and the firm behind the spot $BTC and $ETH ETF products. When its research desk singles out a mid-cap token, the read-through is twofold: it validates the underlying project to a TradFi audience that doesn't track on-chain venues, and it puts a credible bid under the asset class — perpetual DEXs — that HYPE is the cleanest way to express. Hyperliquid runs the largest on-chain order book for perpetual futures and has been steadily siphoning volume from centralised venues.
Market impact
The Bitwise note lands while Hyperliquid is also pushing for spot HYPE ETF approval, which would be the token's biggest credibility test with US regulators. A bullish thesis at a depressed valuation from a respected allocator, paired with a live ETF filing, sets up a familiar pattern: institutional attention first, product wrapper second, sustained re-rating third. HYPE remains volatile and the ETF outcome is uncertain, but the alignment of inputs is rare for a token this size.
Frequently asked questions
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Why did Bitwise call HYPE undervalued?
Bitwise's research desk highlighted HYPE as one of the most undervalued assets in crypto, joining a small group of institutional voices pointing to Hyperliquid as a structural pick in on-chain perpetual futures.
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What is Hyperliquid?
Hyperliquid runs the largest on-chain order book for perpetual futures and has been steadily siphoning trading volume from centralised derivatives venues.
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Is there a spot HYPE ETF filing?
Yes — Hyperliquid is pushing for spot HYPE ETF approval, which would be the token's biggest credibility test with US regulators so far.
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What does Bitwise do?
Bitwise is a US crypto asset manager that runs the spot $BTC and $ETH ETF products, among other offerings, and is closely watched by TradFi allocators.
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What could invalidate the bullish HYPE thesis?
The spot HYPE ETF outcome is uncertain, and the token remains volatile — a regulator rejection or a sharp drop in on-chain perpetuals volume would undercut the structural bid Bitwise is calling out.
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