Bitwise CIO: HYPE is a "second-generation" crypto token, and its value is still underestimated.

CoinFeed reported on May 20th that, according to The Block, Bitwise Chief Investment Officer Matt Hougan stated that Hyperliquid's HYPE token is still undervalued, despite its 77% year-to-date increase, making it the best-performing large-cap crypto asset in 2026. Hougan noted that Hyperliquid generated $170 billion in trading volume in the past month, but the platform still needs to mature and is not yet open to US users, requiring integration into the US regulatory system. Hougan predicts that trading volume of non-crypto assets on Hyperliquid will grow from nearly half to 70% of total trading volume. He views HYPE as a "second-generation" token with the potential to appreciate over time, similar to securities.