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.
Frequently asked questions
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What factors contribute to Matt Hougan's belief that Hyperliquid is undervalued?
Matt Hougan suggests that the fundamental valuation gap has not yet closed, indicating that there is still potential for further upside despite the asset's significant year-to-date gains.
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How does Hyperliquid's performance compare to other large-cap cryptos?
Hyperliquid is currently the best-performing large-cap crypto of 2026, having surged 77% year-to-date, which positions it favorably in the large-cap crypto landscape.
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