Hyperliquid (HYPE) should be valued against the $600 trillion global asset market, not crypto’s $3 trillion universe. That is the case Bitwise Chief Investment Officer Matt Hougan made for the fast-growing perpetual futures platform.

Hougan said BHYP, Bitwise’s spot Hyperliquid ETF, has pulled in close to $60 million since its mid-May NYSE debut. He called it the strongest single-asset crypto ETP launch since Bitcoin.

Bitwise CIO Says Hyperliquid Is a Gen 2 Token

Hougan said HYPE differs from prior exchange tokens. The platform routes nearly all trading fees into buybacks.

“I think it’s going to take investors a while to realize that this is a Gen 2 token. Like it’s a new version. It’s not like the past,” he noted during…