Bitwise CIO Matt Hougan’s feedback come after the agency launched the primary Hyperliquid spot ETF on the New York Inventory Change final week.
- Bitwise CIO Matt Hougan said on Tuesday that Hyperliquid is a “tremendous app” focusing on the broader $600 trillion world asset market slightly than simply crypto.
- The crypto venture additionally reported that RWA buying and selling on the platform reached a brand new document excessive of $2.6 billion in open curiosity, double the quantity from two months in the past
- Retail sentiment round HYPE turned ‘extraordinarily bullish’ from ‘bullish’ on Stocktwits.
Hyperliquid (HYPE) outperformed Bitcoin (BTC) in noon commerce on Tuesday after funding chief at Bitwise, Matt Hougan, stated that the decentralized trade is a “tremendous app.”
“Hyperliquid is just not a crypto app. It’s an excellent app,” he wrote in a post on X. “It’s not focusing on the $3 trillion crypto economic system. It’s focusing on the $600 trillion world asset market.”
Along with Hougan’s feedback driving bullish momentum, the crypto venture additionally reported that actual world asset (RWA) buying and selling on the platform reached a brand new document excessive of $2.6 billion in open curiosity, double the quantity from two months in the past. HYPE’s price rose 7.6% within the final 24 hours to over $48, whereas Bitcoin’s price edged simply 0.3% greater, struggling to climb again above $77,000.
Retail sentiment across the two tokens additionally diverged on Stocktwits. Sentiment round Hyperliquid improved to ‘extraordinarily bullish’ from ‘bullish’ territory over the previous day, accompanied by chatter at ‘extraordinarily excessive’ ranges. In the meantime, sentiment round Bitcoin trended in ‘bearish’ territory, alongside ‘regular’ ranges of chatter.
Not solely is Hyperliquid outperforming Bitcoin in relation to each day features, but in addition over the previous month and yr.
The Bull Case For Hyperliquid’s Token
Hougan’s feedback come after his agency launched its spot Bitwise Hyperliquid ETF (BHYP) final week on the New York Inventory Change (NYSE), the primary U.S.-listed spot HYPE product and the primary to supply in-house staking.
On the time of launch, Bitwise pointed to Hyperliquid’s $2.9 trillion in buying and selling quantity in 2025, greater than a 400% annual leap, and famous the platform instructions 60% of all on-chain by-product open curiosity globally.
Momentum accelerated round Hyperqliuid after the U.S.-Iran conflict broke out and merchants turned to the decentralized trade for worth discovery in off-market hours. Maelstrom CIO Arthur Hayes has put a $150 year-end price target on Hyperliquid, and it’s among the many biggest positions he’s taken in altcoins amid the “crypto winter” alongside ZCash (ZEC) and Close to Protocol (NEAR).
Learn additionally: SpaceX, Palantir, Bitcoin Are Pricing The Same War — Just From Different Sides, According To 10x Research
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