CoinDesk
Michael van de Poppe expects Hyperliquid and AI-linked crypto tokens to front-run the next leg of the altcoin cycle, with HYPE hitting a fresh all-time high after two HYPE ETFs began trading in the U.S. and renewed appetite for higher-risk assets pulled traders back into perpetual futures venues. The trader, speaking on CoinDesk's Markets Outlook, flagged Hyperliquid's rotation into tokenized stocks, commodities and pre-IPO assets as a catalyst for broader tokenization flows across crypto.
Why it matters
Van de Poppe framed the move as a return of risk appetite, not a broad-based altcoin rotation. He argued liquidity is concentrating around a small group of protocols generating strong user growth and revenue, with Hyperliquid currently the main beneficiary — and warned that competitors will eventually enter and pressure its dominance. He also pointed to European traders migrating to Hyperliquid because perpetual futures remain hard to access on many regulated venues in the region.
On AI, van de Poppe called crypto AI tokens "deeply undervalued" relative to overheated private and public AI valuations. He singled out NEAR, projecting revenue growth from roughly $10 million in 2025 to as much as $100 million this year, and Bittensor, whose subnet structure and ecosystem expansion he said could support prices between $1,000 and $2,000 if adoption continues.
Market impact
Van de Poppe sees Hyperliquid as the short-term winner and Solana as the stronger long-term conviction bet, describing SOL's transition from a "degen" ecosystem into more institutional infrastructure. He also addressed privacy, arguing zero-knowledge proof systems and permissioned privacy models are more sustainable paths than fully anonymous coins, which face mounting regulatory resistance — including existing restrictions on certain privacy assets for European funds. On the macro side, he flagged Japanese bond yields and Fed policy as the dominant near-term drivers, and warned that additional rate hikes would pressure risk assets including crypto.
Frequently asked questions
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Why did Hyperliquid's HYPE token hit a new all-time high?
HYPE reached a fresh all-time high after two HYPE ETFs launched in the U.S., with Michael van de Poppe attributing the move to renewed risk appetite and rotation into higher-beta altcoins.
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Does van de Poppe prefer Hyperliquid or Solana long term?
He called Hyperliquid the short-term winner but said Solana is the stronger long-term conviction bet, framing SOL as successfully transitioning from a 'degen' ecosystem into institutional-grade infrastructure.
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Which AI tokens did van de Poppe highlight?
He named NEAR and Bittensor as the strongest infrastructure plays, projecting NEAR revenue could grow from roughly $10M in 2025 to as much as $100M this year and suggesting Bittensor could reach $1,000 to $2,000 if adoption continues.
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What did van de Poppe say about crypto AI valuations?
He argued crypto AI tokens are deeply undervalued relative to overheated private and public AI companies, noting crypto AI tokens have fallen sharply even as ecosystem growth has continued.
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What macro factors does van de Poppe see driving crypto near term?
He flagged Japanese bond yields and Federal Reserve policy as the dominant drivers, warned that additional rate hikes would pressure crypto and risk assets, and said he does not expect aggressive rate cuts soon.
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