Bitwise CIO Matt Hougan said Hyperliquid is one of the most important crypto projects to emerge in years, arguing that investors are still underestimating both the platform’s impact and the value of its native HYPE token.

In his latest weekly memo, Hougan said HYPE is the best-performing large-cap crypto asset of 2026, rising near 77% year to date. He framed Hyperliquid as a fast-growing trading venue that is moving beyond crypto perps into a broader set of markets, including commodities, S&P 500 futures, pre-IPO stocks, prediction markets, and other non-crypto assets.

Hougan said Hyperliquid now does nearly half of its volume in non-crypto assets and expects that share to rise to 70% by the end of the year. He…