Bitwise Calls Hyperliquid’s HYPE One of Crypto’s Most Undervalued Assets

Hyperliquid is a decentralized exchange focused on on-chain perpetual futures trading. Its native token, HYPE, serves both as a governance token for the ecosystem and as a vehicle for capturing its value. Futures open interest reflects the amount of capital committed to the market, and a rapid increase typically signals greater participation by large traders and institutions while also amplifying leveraged liquidation risks. HYPE’s recent price performance has therefore become an important gauge of demand for on-chain derivatives.

HYPE has gained 44% over the past five days. It pulled back by about 22% at one point after reaching an all-time high, indicating emerging profit-taking pressure at elevated levels. However, open interest in Hyperliquid futures has surpassed $3 billion after rising 32% over the past week. Derivatives capital has yet to retreat significantly, and the market is watching whether spot buying can take over and propel the token toward another test of $80.

Citrini Research, whose February 2026 report betting against the AI boom triggered a cross-market selloff, has turned its attention to decentralized perpetual futures exchange Hyperliquid. Its investment thesis holds that HYPE is not priced solely on hype: trading fees generate cash flow, while buybacks link trading volume to demand for the token.

On June 8, 2026, Citrini Research identified Hyperliquid and HYPE as compelling investments. The platform generates about $1.06 billion in annualized fees and recorded roughly $220 billion in perpetual futures trading volume over the past 30 days. More than 90% of fees flow into the Assistance Fund, which has repurchased over $2 billion worth of HYPE since launching in January 2025.

Hyperliquid is a Layer 1 blockchain focused on perpetual contracts, and HYPE is its native token. DefiLlama data showed that its applications generated $57.9 million in revenue over the past 30 days, surpassing Ethereum and ranking second among all chains. The protocol directs 99% of fees to the Assistance Fund to buy back HYPE, translating trading-volume growth directly into demand for the token.

On June 1, HYPE was up more than 30% in five days, reaching a record near $74 as surging volume drove a breakout from a bullish pennant. Based on the length of the flagpole, the pattern points to a June-to-July target of about $105.30, implying 45% potential upside. CoinGlass said open interest had risen from $1.41 billion at the start of the year to $3.5 billion. However, an RSI above 77 signaled a risk of short-term overheating.

Hyperliquid is a decentralized trading platform focused on onchain perpetual contracts, while HYPE is its native token. The protocol generates cash flow from trading fees, which its Assistance Fund uses to buy back HYPE. Of nearly $950 million in cumulative revenue, about $920 million, or more than 96%, has been deployed for buybacks, making the program a key mechanism supporting the token’s price and scarcity.

As of June 1, 2026, HYPE had surpassed $72 and reached a market capitalization of more than $16.1 billion. It gained 75.4% over 30 days, overtaking Dogecoin to enter the global top 10. FTSE Russell added Hyperliquid Strategies (PURR) to its Microcap Index, while ICE CEO Jeffrey Sprecher confirmed that ICE and Hyperliquid had held multiple rounds of talks.

Hyperliquid is a platform centered on decentralized perpetual-contract trading, with HYPE serving both governance and ecosystem functions. Expectations for a U.S. spot ETF and institutional adoption have risen in 2026. Bitwise also plans to allocate 10% of its ETF product's management fees to purchases of HYPE, creating expectations of sustained demand. Grayscale-linked wallets have increased their holdings at the same time, making capital flows an important indicator to watch in the token's rally.

As of July 19, 2026, HYPE had broken above $60, $66 and $67 in succession, repeatedly setting record highs. It had gained more than 70% since the start of the year, while its market capitalization surpassed Dogecoin's. In addition to ETF inflows and Grayscale's accumulation, HypeStrat's HYPE position generated $1 billion in unrealized profit, placing it among the leading digital-asset treasury companies. By contrast, Bitmine had an unrealized loss of about $8 billion, highlighting the performance gap between different token allocations.

Hyperliquid is a decentralized trading platform focused on perpetual contracts. The protocol uses fee revenue to buy back and burn HYPE tokens. Fighting in the Middle East has driven demand for round-the-clock oil futures hedging, boosting trading volume, platform revenue and token demand and providing important support amid a weak crypto market.

As of July 19, 2026, HYPE had bucked the broader market with a 5% gain. Daily trading volume in Hyperliquid's oil contracts approached $250 million, increasing fee revenue and accelerating token burns. The market also took a positive view of upcoming token unlocks, while JUP, the token of Solana-based Jupiter, rose on expectations of a supply freeze.

Hyperliquid is a decentralized trading platform focused on on-chain perpetual contracts, and HYPE is its native token. The token's performance reflects the market's assessment of trading activity on the platform and demand for HYPE. It can also indicate whether capital is rotating from Bitcoin into more volatile altcoins. When volatility in major cryptocurrencies is subdued, derivatives positions can provide clearer signals about the direction of investor bets.

CoinDesk reported on May 21, 2026, that Bitcoin had recovered to $77,900 from $76,100 on May 19, while Ether traded at $2,130. HYPE rose for a fifth consecutive day, gaining 6.5% on the day and 53% over the week. Crypto futures trading volume increased 15% to $165.7 billion, while open interest reached $128 billion. Traders on Deribit used straddles to bet on a volatility breakout.

Hyperliquid is a decentralized exchange focused on onchain perpetual contracts, and HYPE is its native token. Its value is closely tied to the platform’s trading volume, revenue and market adoption. Concentrated buying by a wallet linked to Andreessen Horowitz (a16z) has drawn attention because backing from a major venture capital firm could bolster market confidence, though the wallet’s ownership remains an assessment by onchain analytics firms.

On May 18, 2026, Lookonchain said the 0xb5E4 wallet, which it linked to a16z, bought another 372,000 HYPE worth about $16.91 million within three hours. Since April 14, it has accumulated 2.11 million HYPE worth about $90.87 million. A cup-and-handle pattern is forming on the three-day chart. A breakout above the $45–$47 neckline would point to a technical target of $71–$72, implying a potential gain of about 55%.

Hyperliquid is a Layer 1 blockchain focused on on-chain perpetual futures trading. It recorded $2.9 trillion in trading volume in 2025, while its native HYPE token is used for staking and governance. The race among Bitwise, Grayscale and 21Shares to launch spot products reflects Wall Street's accelerating push into on-chain derivatives markets.

Bitwise's second amendment initially disclosed a 0.67% fee, which was ultimately cut to 0.34%. BHYP listed on NYSE Arca on May 15, 2026, with fees waived on the first $500 million in assets during its first month. As of July 16, it held about 2.04 million HYPE tokens valued at $123 million.

Hyperliquid is a decentralized platform focused on onchain perpetual futures trading, and HYPE is its native token. Its price performance is often viewed as an indicator of trading activity on the platform and broader market risk appetite. Amid shifting capital flows in the crypto market in 2026, HYPE's ability to hold $45 will shape confidence in Hyperliquid's growth and valuation.

In the latest trading of 2026, HYPE reclaimed $45 and set a new high for the year. Hyperliquid's trading volume and open interest, or OI, rose over the same period, signaling stronger derivatives participation. However, spot buying remains relatively weak while leveraged positions account for a growing share of activity. Unless fresh demand follows, the rally could lose momentum at elevated levels.