Bitwise Asset Management's chief investment officer says Hyperliquid's addressable market is the $600 trillion global asset universe, not the $3 trillion cryptocurrency market.
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Bitwise CIO values Hyperliquid against $600 trillion global market
Bitwise Asset Management's chief investment officer says Hyperliquid's addressable market is the $600 trillion global asset universe, not the $3 trillion cryptocurrency market.
Hyperliquid should be valued against the $600 trillion global asset market, not the $3 trillion crypto universe, Bitwise Chief Investment Officer Matt Hougan said May 30.
"Hyperliquid should be valued against the $600 trillion global asset market, not crypto's $3 trillion universe," Hougan said.
The endorsement comes as Bitwise's spot Hyperliquid ETF, BHYP, has absorbed $55 million in cumulative inflows since its NYSE debut on May 15, including a record $19 million single-day inflow on May 27, according to Bitwise data. The HYPE token traded above $64 for the first time on May 27, and spot HYPE ETFs absorbed 1.04% of the asset's market cap in their first 10 trading days — roughly 1.8 times the pace of Bitcoin ETFs at comparable launch windows, per Bitwise.
Hougan's framing positions Hyperliquid as an exchange-equity-like asset rather than a pure cryptocurrency, reflecting a platform that generates revenue across perpetual futures, spot trading, prediction markets and ecosystem fees on its HyperCore L1 blockchain. The question for investors is whether the market prices HYPE as a single-protocol token or as a multi-revenue-stream exchange competing with CME Group and Coinbase.
Hyperliquid's market share in perpetual futures has grown rapidly. The decentralized exchange captured 44% of all perpetual DEX trading volume by late March 2026, up from 36.4% in January, according to FinanceFeeds. Open interest in real-world asset perpetual futures reached a record $2.65 billion on May 21, doubling in roughly two months, while total value locked sits at approximately $650 million.
The platform's HIP-4 framework, activated May 26, introduced validator-settled prediction markets that compete directly with Polymarket's UMA-based model. Initial contracts cover US inflation prints, Federal Reserve interest-rate decisions and corporate earnings. HIP-4 markets recorded 6.05 million contracts in their first 24 hours, per CoinGecko-aggregated data.
ETF flows show capital rotation. Spot Bitcoin and Ethereum ETFs have shed a combined $1.64 billion in net outflows since May 1, while the two US-listed HYPE ETFs — Bitwise's BHYP and 21Shares' THYP — have added more than $117 million across 10 trading sessions. Bitwise CEO Hunter Horsley described the investor interest as "incredible to see." Grayscale has also filed an S-1 registration for a potential spot HYPE ETF, and Hyperliquid Strategies has filed for a $1 billion IPO to build a HYPE-denominated treasury.
The regulatory framework for Hyperliquid's expanding product suite remains untested. HIP-4's macro-event contracts on CPI prints and FOMC decisions could fall under CFTC jurisdiction as event contracts. Hyperliquid operates as a non-US-resident DEX, a structure that has allowed it to avoid the geoblocking that restricts Polymarket and Kalshi in certain jurisdictions.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitwise Leader Thinks Hyperliquid is Bigger Than the Crypto Market[2] Bitwise CIO says selling Hyperliquid to financial advisors is 'magic', while BHYP records largest-ever daily inflow[3] Hyperliquid HIP-4 vs Polymarket: The Oracle War Goes On-Chain[4] Hyperliquid drives growth of real-world asset perps, capturing 44% of total volume[5] Uber Reportedly Adds To Its Delivery Hero Stake At €12B Valuation - Stocktwits
