Hyperliquid's native token HYPE has surged 101% year-to-date, sharply decoupling from Bitcoin, which is down 12% over the same period. Market observers say this reflects Hyperliquid's transformation from a crypto perpetual exchange into a multi-asset platform targeting the $600 trillion global asset market.
Matt Hougan, CIO of Bitwise, called Hyperliquid a "super app" that is not just a crypto platform but a comprehensive financial infrastructure play. The platform now generates $255 million in year-to-date revenue, more than the next two crypto apps combined, with 97% of fees accruing to HYPE holders through automated buybacks.
Real-world asset trading on Hyperliquid reached a new all-time high of $2.6 billion in open interest, double the level from two months ago. The growth follows the success of HIP-3, which has processed over $120 billion in volume for pre-IPO companies including SpaceX, Anthropic, and OpenAI.
In a major validation from traditional finance, 21Shares and Bitwise have filed for Hyperliquid ETFs. Bitwise committed to allocating 10% of the fund's management fees to holding HYPE on its balance sheet. Analysts expect the token to reach $55-65, fueled by real-world asset momentum and anticipated ETF inflows.