Bitwise has a new bull case for Hyperliquid's HYPE token. The asset manager argues the market is undervaluing it, treating the project as just another derivatives exchange when it's actually building what it calls a 'super-app' for global trading. The claim landed this week, and it's already stirring debate among traders who've watched HYPE's price swing wildly since launch.
The Bitwise thesis
In a research note, Bitwise laid out why it thinks HYPE is one of crypto's most overlooked assets. The firm's core argument: Hyperliquid isn't just a venue for perpetual swaps. It's a full-stack platform — with its own L1, a spot order book, and an ecosystem of apps — that could capture a much bigger slice of the trading market. Bitwise says the current valuation reflects a 'niche derivatives' discount, not the super-app potential.
The note doesn't mince words. It claims the market is pricing Hyperliquid like a small-fry exchange when the on-chain activity and user growth tell a different story. Bitwise didn't provide a specific price target, but the implication is clear: if the super-app thesis plays out, HYPE could be worth significantly more.
What the market sees
Right now, Hyperliquid ranks as one of the busiest decentralized derivatives platforms. Its HYPE token has a market cap that puts it in the top tier of altcoins, but Bitwise argues that's not enough. The firm points to the platform's expanding suite — from spot trading to a native lending market — as evidence that it's evolving beyond derivatives. Critics might say the super-app label is optimistic, but Bitwise's track record gives its calls weight.
The timing matters. With regulatory clarity improving in several jurisdictions, platforms like Hyperliquid are positioning themselves as full-service alternatives to centralized exchanges. If Bitwise is right, the market may eventually reprice HYPE to reflect that broader ambition. If it's wrong, the token stays in its current lane — a solid derivatives play, but nothing more.
For now, the debate is open. Bitwise has made its case. The market gets to decide whether HYPE deserves that super-app premium or not.
