Bitwise dey praise HYPE say na 'most mispriced' as dem launch HYPE ETFs
Crypto asset manager Bitwise, through CIO Matt Hougan, talk say Hyperliquid token HYPE na "one of the most mispriced assets for crypto now" even though e don rally +77% this year.
Hougan talk say market dey value HYPE mainly as perpetual futures exchange, but Hyperliquid suppose dey priced more like global "super-app." E point out say dem don diversify beyond crypto: non-crypto volume near half and fit reach 70% by year end, with recent reported trading volume around $170B over the past month.
One main part of the bull case na Hyperliquid buyback mechanism: 99% of trading fees dey used to repurchase HYPE. Hougan estimate Hyperliquid revenue around $800M–$1B, mean say HYPE current market cap na about 10–14x that buyback stream.
New development for the later report: Bitwise launch HYPE ETF for NYSE, and 21Shares also introduce similar fund. Early net inflows for Bitwise/NYSE launch dem report say e small (about $1.2M), compared to other altcoin ETF starts.
The memo still link the thesis to US regulatory momentum around "super-app" custody/trading under one framework. But traders suppose note say Hyperliquid (and HYPE exposure via the exchange) no available to US users now, so regulatory execution remain key risk.
Net: The HYPE story fit support altcoin beta and ETF-related sentiment, but short-term catalysts depend on US rollout and flows into HYPE ETFs.
Bullish
Bitwise dem bullish thesis na target direct HYPE valuation, dem dey argue say market dey underprice HYPE compared to wider “super-app” business model and dem emphasize fee-to-buyback structure (99% of fees dem dey repurchase). Dat framework fit attract traders wey dey find altcoin beta, especially as institutional access dey expand through newly listed HYPE ETFs. But later update show say early ETF inflows dey modest, wey fit limit immediate upside. Biggest uncertainty still na near-term US availability and regulatory execution; if integration stall, sentiment fit cool off. Overall, di setup supportive but e depend on flow and regulation, making expected impact on HYPE price more bullish than neutral.