{"id":29948,"date":"2026-05-30T23:14:02","date_gmt":"2026-05-30T22:14:02","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/05\/30\/bitwise-hyperliquid-hype-600-trillion-global-market\/"},"modified":"2026-05-30T23:14:06","modified_gmt":"2026-05-30T22:14:06","slug":"bitwise-hyperliquid-hype-600-trillion-global-market","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/bitwise-hyperliquid-hype-600-trillion-global-market\/","title":{"rendered":"Bigger Than Crypto? Bitwise’s CIO Is Making a Massive Bet on Hyperliquid (HYPE)"},"content":{"rendered":"\n

Matt Hougan<\/strong>, Chief Investment Officer at Bitwise<\/strong>, isn’t playing it modest. In his view, Hyperliquid (HYPE)<\/strong> shouldn’t be benchmarked against the $3 trillion crypto market<\/strong> \u2014 it should be measured against the global asset market<\/strong>, estimated at $600 trillion<\/strong>.<\/p>\n\n\n\n

It’s a bold thesis, backed by concrete numbers: the BHYP spot ETF<\/strong> has raised close to $60 million<\/strong> since its launch on the NYSE<\/strong> in mid-May. And HYPE<\/strong> is already up +10% in 24 hours<\/strong>, ranking as the 11th largest crypto by market cap<\/strong> globally.<\/p>\n\n\n\n

Behind this narrative lies a structural conviction: Hyperliquid<\/strong> is not simply a crypto trading platform \u2014 it is a next-generation financial infrastructure<\/strong>. Here’s why this reading deserves to be taken seriously.<\/p>\n\n\n\n

HYPE, a “Generation 2” Token According to Bitwise<\/h2>\n\n\n\n

Hougan draws a clear line between HYPE<\/strong> and traditional exchange tokens like BNB<\/strong><\/a> or FTT<\/strong>. The fundamental difference? Hyperliquid redirects virtually all of its trading fees into token buybacks<\/strong>, creating a direct and transparent deflationary mechanism<\/strong>. No opaque dilution, no centralized treasury: the protocol functions as a value redistribution engine.<\/p>\n\n\n\n

“I think investors are going to take a while to realize this is a generation 2 token. It’s a new version. It’s not like the past,” he said during an interview with Nate Geraci<\/strong>. This mechanic is far closer to a shareholder return<\/em> model than the classic tokenomics<\/strong> of centralized exchanges.<\/p>\n\n\n\n

\"Hyperliquid<\/figure>\n\n\n\n

On the price action side, HYPE<\/strong> was trading around $68 on Saturday<\/strong>, up 10% over 24 hours<\/strong> according to BeInCrypto<\/strong> data. The token is consolidating its position in the global top 15 by market cap<\/strong> \u2014 a sign that the market is beginning to price in this breakout narrative.<\/p>\n\n\n\n

Why Hyperliquid Is Targeting the $600 Trillion Global Market<\/h2>\n\n\n\n

Hougan’s thesis is grounded in an already observable reality: roughly 50% of perpetuals volume on Hyperliquid comes from non-crypto assets<\/strong> \u2014 including the S&P 500<\/strong>, oil<\/strong>, and commodities<\/strong>. He expects that share to reach 90% over time<\/strong>. This is no longer a crypto trading platform \u2014 it is a global financial derivatives infrastructure<\/strong>.<\/p>\n\n\n\n

“This is not a crypto app. It’s a financial app that uses crypto in the background to create a new financial experience that is better in many ways than the traditional system,” he summarized. The positioning is that of a direct competitor to traditional exchanges<\/strong> and institutional derivatives platforms<\/a> such as the CME<\/strong>.<\/p>\n\n\n\n

Real Risks That Bitwise Isn’t Hiding<\/h2>\n\n\n\n

Hougan openly acknowledges the grey areas. The NYSE, the CME, and several competing DeFi protocols<\/strong> are all preparing to move into the same space. Hyperliquid<\/strong> has no guarantee of maintaining its technological edge or its liquidity advantage against players with massive institutional resources.<\/p>\n\n\n\n

Another significant friction point: US investors still cannot access the offshore platform directly<\/a>. That is precisely why Bitwise<\/strong> structured the BHYP<\/strong> \u2014 an ETF that stakes approximately 70% of its assets through its own infrastructure<\/strong> and reinvests 10% of its management fees into HYPE<\/strong> on its balance sheet. A product designed to capture the exposure without requiring direct access.<\/p>\n\n\n\n

The question remains open: can Hyperliquid<\/strong> deliver on this promise as competition organizes itself<\/a>? For now, the market appears provisionally convinced.<\/p>\n\n\n\n

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