Hyperliquid (HYPE) should be valued against the $600 trillion global asset market, not against the $3 trillion crypto world. That’s the case that Matt Hogan, chief investment officer at Bitwise, makes for the fast-growing perpetual futures platform.
BHYP, Bitwise’s Hyperliquid ETF, has generated nearly $60 million since its debut on the New York Stock Exchange in mid-May, Hogan said. He described it as the strongest ETP launch for a single-asset cryptocurrency since Bitcoin.
Bitwise’s CTO says Hyperliquid is a Gen 2 token
Hogan said HYPE is different from previous exchange tokens. The platform forwards almost all trading fees to Buybacks.
“I think it will take investors some time to realize that this is a second-generation token. It’s like a new version. It’s not like the past,” he said. male During an interview Friday with Nate Geraci.
HYPE stock traded near $68 on Saturday, up 10% in 24 hours. It is ranked 11th in terms of market capitalization, according to BeInCrypto data.
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Why Hyperliquid is targeting $600 trillion in assets
Hogan framed Hyperliquid as a fintech application, not a cryptocurrency play.
“This is not a cryptocurrency app. This is a financial app that uses cryptocurrencies on the back end to create a new financial experience that is better than the traditional system in many ways.”
Non-crypto assets like the S&P 500 perpetual and oil already, he said It constitutes half of the permanent volume.
“Already today, Nate, about 50% of trading volume is in non-crypto assets. I think this will eventually exceed 90% of volume.”
Competition and access to the United States remain open risks
Hogan acknowledged the implementation risks. Name the NYSE, CME, and competing DeFi protocols Get ready for the Hyperliquid Challenge.
“…There will be a lot of competition for Hyperliquid in the future, and there is no guarantee that it will win.”
US investors are still unable to trade directly on an overseas exchange. the BHP ETF It holds about 70% of the holdings using Bitwise’s infrastructure.
The company also directs 10% of management fees to HYPE that are on its balance sheet.
this post The Bitwise leader believes that Hyperliquid is bigger than the cryptocurrency market appeared first on BeInCrypto.
