Bitwise Asset Management has labeled Hyperliquid's HYPE token the “most mispriced” cryptocurrency in the market right now — and that's even after a 77% run so far in 2026. Matt Hougan, Bitwise's chief investment officer, argues the token's valuation doesn't reflect what the platform could become.
The mispricing thesis
Hougan says HYPE isn't trading like it's tied to a “global super-app.” His point: Hyperliquid isn't just another perpetuals exchange. The platform has been building out a broader ecosystem — think lending, staking, and eventually consumer-facing services. But the market, in Hougan's view, still prices it like a niche derivatives venue.
That gap is why Bitwise calls it mispriced. The token has rallied hard this year, sure, but Hougan thinks the real story is what's missing from the price tag.
What Hougan sees
Hougan argues Hyperliquid is more than a crypto platform. He sees a potential super-app — a single interface where users trade, borrow, lend, and interact with decentralized finance without leaving the ecosystem. If that vision materializes, the token's utility expands well beyond fee discounts or governance.
He's not alone in that view. Some funds have quietly added HYPE to their portfolios. But the broader market seems skeptical — or at least not fully convinced. The 77% gain is real, but relative to the upside Hougan describes, he thinks the token still looks cheap.
The 77% elephant in the room
Calling a crypto asset that's already up 77% this year “mispriced” is a bold take. It implies there's still room to run — and that the rally hasn't yet priced in the platform's full potential. Hougan's argument hinges on the idea that HYPE's price reflects only its current use case, not the broader platform transformation underway.
Bitwise has a track record of making contrarian calls on tokens. Whether this one ages well depends on how quickly Hyperliquid can expand beyond its core derivatives business. The token's price has already absorbed some optimism, but Hougan believes the market is still early.
The next few months will be telling. If Hyperliquid rolls out more consumer-facing features and user growth accelerates, the mispricing thesis could tighten. If not, the 77% gain might already be the easy money.
