Hyperliquid (HYPE): An Undervalued Asset According to Bitwise, Despite Its $10.5 Billion Market Cap

The investment director of Bitwise, Matt Hougan, recently described Hyperliquid (HYPE) as one of the most undervalued assets in the current market. In a statement published on May 21, 2026, he emphasized that despite a market capitalization of $10.49 billion and a daily trading volume of $93.11 million, the HYPE token remains underestimated by investors. This analysis is based on two major conceptual errors in evaluating the project, although the details were not specified. Context and Positioning of Hyperliquid Hyperliquid is a decentralized exchange (DEX) specializing in perpetual contracts, derivative instruments that allow speculation on the rise or fall of an asset without an expiration date. Unlike traditional platforms, Hyperliquid operates on its own Layer 1 blockchain, called Hyperliquid Chain. This architecture provides advantages in terms of performance, low latency, and transparency while maintaining the characteristics of a decentralized exchange. With a market capitalization of $10.49 billion, Hyperliquid positions itself as a major player in the perpetual contract DEX sector. However, according to Matt Hougan, this valuation does not fully reflect its true potential. The project has also undergone an audit by CertiK, but its internal score remains moderate, at 49/100, indicating a high level of risk in terms of security and governance. Why Does This Statement Attract Attention? Matt Hougan’s claim that Hyperliquid is undervalued could have several implications for the market. First, it may encourage institutional investors to re-evaluate their position on HYPE, despite its already high market capitalization. Such a re-evaluation could lead to increased demand for the token, thereby driving up its price. From a sectoral perspective, this statement could strengthen interest in Layer 1 DEXs and decentralized trading platforms, a rapidly growing segment. Competitors like dYdX or GMX could also benefit from this halo effect, attracting more capital to similar projects. Finally, a positive re-evaluation of Hyperliquid could serve as a catalyst for the broader cryptocurrency asset market, particularly for tokens related to trading infrastructure. Risks and Limitations to Consider Despite the optimism expressed by Matt Hougan, several risks and uncertainties weigh on Hyperliquid. First, the lack of details on the two conceptual errors identified limits investors' understanding of the reasons for this undervaluation. Without these clarifications, it is difficult to assess the relevance of Bitwise’s analysis. Additionally, the security score of 49/100 given by CertiK places Hyperliquid in a high-risk category. This score reflects potential gaps in governance, transparency, or security, which could deter some investors. Finally, the inherent volatility of perpetual contracts and increased competition in the DEX sector could impact Hyperliquid’s future performance. What to Watch in the Coming Months? Several factors could shed light on Hyperliquid’s situation in the coming months. First, any clarification from Matt Hougan or Bitwise on the two conceptual errors mentioned could help investors better understand the reasons for this undervaluation. Next, upcoming technical updates or partnerships by Hyperliquid could confirm or refute its current valuation. Finally, the evolution of on-chain metrics, such as the number of active users or the total value locked (TVL), could provide additional insights into the project’s true health. At this stage, no official data has been published on these indicators, limiting investor visibility.