PANews reported on May 20th, citing The Block, that Bitwise Chief Investment Officer Matt Hougan stated that Hyperliquid's HYPE token is still undervalued, despite its 77% year-to-date increase, making it the best-performing large-cap crypto asset in 2026. Hougan noted that Hyperliquid generated $170 billion in trading volume in the past month, but the platform still needs to mature, currently not open to US users, and requires integration into the US regulatory system. Hougan predicts that trading volume of non-crypto assets on Hyperliquid will grow from nearly half to 70% of total trading volume. He views HYPE as a "second-generation" token with the potential to appreciate over time, similar to securities. Hougan pointed out that 99% of Hyperliquid's transaction fees are used to buy back HYPE; the more transactions, the more buybacks, and the clearer the value accumulation. He believes the market's undervaluation stems from viewing Hyperliquid solely as a crypto asset exchange; its reach should encompass $600 trillion in global assets, not just the $3 trillion crypto market.