Bitwise Labels HYPE a 'Gen 2' Crypto Token and Calls It Undervalued!

Bitwise Asset Management has flagged Hyperliquid's HYPE token as a 'Generation 2' crypto asset and argued the market is not yet pricing it correctly. The 'Gen 2' framing is a meaningful distinction — it implies HYPE belongs to a cohort of tokens that combine real protocol revenue, native utility, and institutional-grade infrastructure, rather than riding a narrative cycle the way first-generation assets often did.

Bitwise is one of the more analytically rigorous voices in institutional crypto research, so a direct undervaluation call carries weight beyond a typical social-media take. For investors tracking the DeFi derivatives space, the note positions HYPE as a token worth sizing against fundamentals rather than momentum alone.

The call lands at a moment when on-chain perpetuals volume has been climbing, with Hyperliquid consistently ranking among the top venues by open interest — a…