HYPE Jumps to $48 as Bitwise CIO Says Hyperliquid Is a "Super App" Aiming at a $600T Asset Market
HYPE climbed to around $48, its highest level since late October 2025, after Bitwise CIO Matt Hougan argued that Hyperliquid should be framed as a "super app" built for global capital markets rather than a conventional crypto product.
In a Tuesday post on X, Hougan said Hyperliquid is "not targeting the $3 trillion crypto economy" and is instead going after the roughly $600 trillion global asset market. He added that investors are pricing the project as one type of business when it belongs in another category.
The remarks land as institutional access expands via newly launched exchange-traded products. Bitwise listed its Hyperliquid ETF on the NYSE last Friday, and 21Shares rolled out a competing Hyperliquid ETF on Nasdaq last week.
SoSoValue data show that, as of Monday, Hyperliquid ETF products had topped $11 million in total net inflows, more than $18 million in total net assets, and over $12 million in trading volume.
Momentum also built after Coinbase said it became the official treasury deployer of USDC as an Aligned Quote Asset on Hyperliquid. Coinbase said the step broadens support for onchain markets and reinforces USDC's position as a preferred stablecoin for onchain capital markets.
Regulatory signals are also turning more constructive for tokenized securities. Bloomberg reported Monday that the SEC is preparing an innovation exemption that could permit trading tokenized versions of stocks on crypto platforms.
Such a framework could matter for Hyperliquid's HIP 3 markets, where independent issuers have started launching perpetual futures tied to stocks, commodities, and private company listings. Those venues have begun to influence price discovery around major deals. During last week's Cerebras IPO, traders monitored Hyperliquid-linked pre-IPO perpetuals to estimate the stock's potential opening.
A similar setup is taking hold around SpaceX. A pre-IPO market tied to the company has gained traction on Hyperliquid, with more than $15 million in volume and over $30 million in open interest at the time of writing.
HYPE rose more than 7% on Monday as traders digested the report on tokenized equities and continued growth in Hyperliquid's pre-IPO markets. Coinbase's USDC update also supported the token last week, according to CoinGecko.
