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CIO at Bitwise, Matt Hougan, suggested that it's a mistake to value Hyperliquid using the metrics of a standard crypto application operating within a $3 trillion market. In his view, the DeFi project functions as a financial super app targeting the global traditional asset market, which represents a $600 trillion opportunity.
The foundation for this thesis is being built in Hyperliquid's real asset sector, where open interest reached a new all-time high of $2.6 billion, doubling over the past two months. Moreover, last week the Hyperliquid network generated nearly 40% of all blockchain fees across the market, outperforming both Ethereum and Solana.
HYPE coin sets 2026 price high on Wall Street fuel
The current HYPE token price at $47.90, up 20% in May, clearly reflects these institutional sentiments. The asset successfully set new price highs for 2026 and entered a price vacuum zone against Bitcoin at 61,420 sats, where further upside no longer faces major blocks of limit sell orders.
At the same time, spot HYPE ETFs are expanding rapidly, with combined assets under management (AUM) reaching $18.59 million just four days after launch. Bitwise has already implemented a direct financial linkage for its BHYP ETF by allocating 10% of management fees toward market buybacks of HYPE, followed by staking on the fund's balance sheet.
Capital rotation is also reflected in the actions of Goldman Sachs, which, according to its Q1 2026 13F filing, opened exposure to HYPE through shares of Hyperliquid Strategies (PURR).
Importantly, the main barrier standing between Hyperliquid and the $600 trillion market - strict U.S. compliance regulation - may be removed within days. According to Bloomberg News, the U.S. administration is preparing a regulatory framework, while SEC Chairman Paul Atkins plans to allow decentralized crypto platforms to trade tokenized versions of securities without requiring approval from the public companies themselves.
Since Atkins publicly acknowledged that old regulatory frameworks are incompatible with all-in-one blockchain systems, Hyperliquid is effectively receiving a direct legal green light to launch a large-scale on-chain equities market.
Dan Burgin
