Bitwise: Hyperliquid could become the backbone of future…

Bitwise Head of Research Ryan Rasmussen is making a bold call: Hyperliquid could become "one of the systems that most of traditional finance runs on in the future." The firm is backing that conviction with action — launching its HYPE ETF product BHYP, staking HYPE in-house to maximize yield, and allocating 10% of management fees to buy HYPE tokens for its own balance sheet to align with the Hyperliquid community.

Rasmussen pointed to Hyperliquid's fee-burn mechanism — 99% of platform fees go toward buying and burning HYPE tokens — as a stock-buyback-style narrative that resonates with traditional investors. Growth in perpetual futures, prediction markets, spot trading, tokenized equities, and stablecoins all feed the bull case, as does the recent Coinbase-Hyperliquid partnership tied to USDC liquidity.

Risks remain real: U.S.