Bitwise: Hyperliquid Could Be Crypto’s Most Mispriced Asset w/ Matt Hougan & Ryan Rasmussen

Watch on YouTube ↗  |  May 28, 2026 at 18:45  |  39:17  |  Milk Road Macro
Speakers
Matt Hougan — CIO, Bitwise Asset Management

Summary

Matt Hougan and Ryan Rasmussen from Bitwise argue that Hyperliquid (HYPE) is still massively undervalued despite recent highs, citing its dominance in perpetuals, value capture, and ETF demand. They also discuss broader crypto market malaise with green shoots and share a bullish view on Anthropic as undervalued among private AI companies.

  • Hyperliquid's tokenomics and regulatory environment make it a Gen2 token with strong value capture.
  • Only 5% of institutional awareness realized; addressable market is $600 trillion in global assets.
  • Bitwise's Hyperliquid ETF has seen strong inflows, with the issuer buying HYPE on balance sheet.
  • The crypto market is in a bearish malaise with green shoots like HYPE and privacy tokens.
  • Ethereum faces narrative challenges but holds long-term potential in tokenization.
  • Matt Hougan considers Anthropic undervalued at $1.4 trillion vs SpaceX at $2.3T.
Trade Ideas
Matt Hougan CIO, Bitwise Asset Management 1:07
Hyperliquid still undervalued, only 5% done.
Hyperliquid is still massively undervalued; despite its recent surge to all-time highs, the world is only 5% done realizing its potential. It dominates the perpetual futures market and is expanding into spot trading and prediction markets. Its tokenomics with 99% buyback and value capture represent a Gen2 token and it now has an ETF with staking, attracting new institutional demand. The addressable market is not just crypto but all global assets ($600 trillion).
HYPE HIGH
Matt Hougan CIO, Bitwise Asset Management 26:28
Anthropic undervalued at $1.4 trillion.
Anthropic at $1.4 trillion valuation is undervalued. It has strong talent, is gaining market share from OpenAI with its Claude model, and has fewer organizational distractions. On a risk-adjusted basis, it is a better bet than SpaceX or OpenAI among pre-IPO AI companies available on Hyperliquid.
ANTHROPIC MED
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This Milk Road Macro video, published May 28, 2026, features Matt Hougan discussing HYPE, ANTHROPIC. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matt Hougan  · Tickers: HYPE, ANTHROPIC