Bitcoin · Wall Street · Decrypt
Matt Hougan, CIO of Bitwise, argued that the service is undervalued Monday
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★ Tier-1 Source
Hyperliquid is not a crypto app.
Key facts
- Hyperliquid dominates the current fee market with a 43% share ($11M/week) fueled by high-margin perpetuals, significantly outperforming Ethereum's 13% ($3M) and Solana's 10% ($2M) despite the latter's high transaction volume pic.twitter
- HYPE’s run looks set to continue, with users of prediction market Myriad, owned by Decrypt's parent company Dastan, seeing an 85% chance the token reaches $52 in May, up from 14% on May 15
- The growth follows the success of HIP-3, which has processed more than $120 billion in volume for pre-IPO companies, including SpaceX, Anthropic, and OpenAI
- Adziima expects the momentum to continue, pushing the token to $55-65, fueled by “RWA momentum and ETF inflows
Summary
HYPE is up 91% year-to-date while Bitcoin is down 12%, a decoupling tied to Hyperliquid's revenue diversification beyond crypto perps. Hyperliquid pulled $255M in revenue YTD, more than the next two apps combined, with 97% accruing to HYPE holders via buybacks. Bitwise and 21Shares have filed for HYPE ETFs, with Bitwise committing to hold 10% of management fees in Hyperliquid on its balance sheet. Hyperliquid's native token HYPE has surged 101% year-to-date while Bitcoin is down 12% over the same period, highlighting a decoupling that Wall Street is starting to pay close attention to. HYPE’s run looks set to continue, with users of prediction market Myriad, owned by Decrypt's parent company Dastan, seeing an 85% chance the token reaches $52 in May, up from 14% on May 15.