Bitwise Backs Hyperliquid HYPE as Potentially Undervalued After 77% Rally
Bitwise analysts said Hyperliquid's HYPE token could still be mispriced despite a 77% gain in 2026, citing $170 billion in monthly trading volume and the exchange's commitment to cap ETF fees. The assessment suggests institutional appetite for the token remains strong.
Key Takeaways
- 1## Bitwise's Valuation View Bitwise analysts published a note Tuesday stating that Hyperliquid's HYPE token may remain undervalued relative to its on-chain activity and institutional adoption, even after a 77% price increase in 2026.
- 2The firm highlighted $170 billion in monthly trading volume on the Hyperliquid exchange as a key metric supporting higher valuations for the underlying governance token.
- 3## Fee Structure and Institutional Positioning Hyperliquid previously committed to capping exchange fees at levels competitive with traditional futures markets and pledged to keep ETF fees aligned with industry standards.
- 4Bitwise cited these commitments as factors that could drive sustained institutional inflows and support a case for higher token prices.
- 5The note did not provide a specific price target or recommendation.
Bitwise's Valuation View
Bitwise analysts published a note Tuesday stating that Hyperliquid's HYPE token may remain undervalued relative to its on-chain activity and institutional adoption, even after a 77% price increase in 2026. The firm highlighted $170 billion in monthly trading volume on the Hyperliquid exchange as a key metric supporting higher valuations for the underlying governance token.
Fee Structure and Institutional Positioning
Hyperliquid previously committed to capping exchange fees at levels competitive with traditional futures markets and pledged to keep ETF fees aligned with industry standards. Bitwise cited these commitments as factors that could drive sustained institutional inflows and support a case for higher token prices. The note did not provide a specific price target or recommendation.
Context
Hyperliquid has emerged as one of the fastest-growing perpetual futures exchanges since launching in 2024, with HYPE serving as both a governance token and a fee-sharing mechanism for liquidity providers. The token's 2026 performance has tracked broader strength in decentralized exchange tokens, though trading volume and institutional interest do not always correlate directly with token valuations.
Why It Matters
For Traders
An analyst call that HYPE may still be mispriced could attract near-term buying, though analyst notes alone are not on-chain or filing evidence.
For Investors
Bitwise's backing signals institutional money managers view Hyperliquid's fee model and volume metrics as defensible fundamentals for longer-term positioning.
For Builders
Growing institutional adoption of decentralized perpetual exchanges validates the product-market fit for MEV-resistant or fully on-chain trading infrastructure.
