Bitwise Chief Investment Officer Matt Hougan says investors are still underestimating Hyperliquid, even after HYPE became one of the strongest large-cap crypto assets of 2026. In his Bitwise CIO memo, Hougan called Hyperliquid one of the most important crypto projects to emerge in years and argued that the market is still valuing it too narrowly. His thesis is that Hyperliquid should not be viewed only as a fast-growing crypto perpetual futures exchange, because the platform is already moving toward a broader trading model across crypto and non-crypto assets.