Bitwise Chief Investment Officer Matt Hougan published a memo on May 19 calling Hyperliquid’s native HYPE token one of the most undervalued assets in the crypto market. But what stood out was not just the bullish call itself. Hougan introduced a new framework he calls “Gen 2” crypto tokens, a category he believes HYPE exemplifies and one that could reshape how investors evaluate digital assets going forward.

The memo landed during an unusually active week for Hyperliquid. Two spot HYPE exchange-traded funds went live in the U.S. within days of each other, on-chain data revealed a massive institutional accumulation campaign, and Coinbase formally embedded itself into Hyperliquid’s infrastructure. Together, these developments paint…