Bitwise CIO: Hyperliquid Is Still Undervalued After a 77% YTD Run — Best Large-Cap Crypto of 2026

Bitwise Chief Investment Officer Matt Hougan has come out with a bullish call on Hyperliquid, arguing the asset remains undervalued even after surging 77% year-to-date — a return that makes it the best-performing large-cap crypto of 2026 so far.

Hougan's framing is notable precisely because it comes after the run, not before it. A CIO-level conviction call from one of the most closely watched institutional crypto asset managers signals that the thesis isn't purely momentum-driven — there's a fundamental valuation gap he believes the market hasn't yet closed.

For investors tracking the large-cap crypto landscape, the call puts Hyperliquid squarely in the conversation alongside the majors, with institutional-grade analysis now pointing to further upside from an already elevated base.