Hyperliquid: Bitwise says HYPE targets a $600T market, not just crypto Bitwise CIO Matt Hougan argues Hyperliquid should be valued against the $600 trillion global asset market rather than the $3 trillion crypto market, highlighting its potential beyond traditional crypto trading. Key catalysts Bitwise's HYPE ETF (BHYP) has attracted $55 million in inflows since launch. HYPE ETFs absorbed over $117 million combined in just 10 trading sessions. HYPE recently surged above $64 and reached a new all-time high near $67.5. Why it matters Hyperliquid is evolving into a full financial platform, offering perpetual futures, spot trading, prediction markets, and on-chain infrastructure. The protocol now controls roughly 44% of the perpetual DEX market. Real-world asset (RWA) perpetual open interest reached a record $2.65 billion. Growth drivers New HIP-4 prediction markets allow trading on inflation data, Fed decisions, and earnings events. Growing ETF demand is attracting institutional capital. Additional interest comes from Grayscale's proposed HYPE ETF and a planned $1 billion HYPE-focused treasury company. Risks Regulatory uncertainty around prediction markets and event contracts. Rapid growth may attract increased scrutiny from U.S. regulators. HYPE remains highly dependent on continued platform adoption and trading activity. Outlook The narrative around HYPE is shifting from "crypto token" to "exchange-equity-style asset." If institutional adoption and ETF inflows continue, investors may increasingly value Hyperliquid as a major financial infrastructure platform rather than a typical altcoin. 🚀