HYPE Surges to 7-Month High as Bitwise CIO Calls Hyperliquid a 'Super App'

HYPE surged more than 7% on Monday, reaching its highest level since October 2025 near $48, as traders reacted to growing institutional adoption and a bold comparison from Bitwise CIO Matt Hougan.

Hougan described Hyperliquid as a 'super app' targeting the $600 trillion global asset market, rather than the crypto economy. His comments followed the launch of two Hyperliquid ETFs last week-Bitwise on the NYSE and 21Shares on Nasdaq-which have already seen over $11 million in inflows.

Adding to the momentum, Coinbase became the official USDC treasury deployer on Hyperliquid, boosting USDC’s role in onchain markets.

The token also got a lift from reports that the SEC is preparing an innovation exemption for tokenized stocks. Hyperliquid's pre-IPO markets for companies like Cerebras and SpaceX are growing fast, with SpaceX-linked contracts seeing over $15 million in volume and $30 million in open interest.