Crypto asset manager Bitwise says Hyperliquid’s $HYPE token is significantly undervalued, arguing investors are still treating the platform like a crypto-native derivatives exchange instead of a broader financial trading “super-app.”

In a Tuesday blog post, Bitwise CIO Matt Hougan said the market is making “two errors” in valuing Hyperliquid, underestimating the size of the market it is targeting and failing to appreciate how the token captures value from platform activity.

$HYPE was more than 8% higher over 24 hours, trading around $48.70 at publication time.

“Today’s prices suggest you’re being offered the second at the cost of the first,” Hougan said, referring to Hyperliquid’s ambitions to serve trading across…