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Bitwise says Hyperliquid is targeting a $600 trillion market as the platform expands beyond crypto
Hyperliquid is attracting attention from both crypto investors and traditional financial institutions as the platform expands its product range beyond digital assets. According to recent comments from Bitwise Chief Investment Officer Matt Hougan, many market participants continue to underestimate the scale of the opportunity Hyperliquid is pursuing and how its native token $HYPE derives value from platform activity.
Hougan argued that the platform should not be viewed solely as a cryptocurrency trading venue, noting that its expansion into equities, commodities, prediction markets, and synthetic pre-IPO assets places it in a much broader addressable market.
Bitwise points to expanding market opportunities
In a detailed note, Hougan said investors often compare Hyperliquid with traditional cryptocurrency exchanges, despite the platform’s growing availability across non-crypto markets. He noted that a more relevant comparison is the broader global asset market, which Bitwise estimates at roughly $600 trillion.
“Most people think Hyperliquid is a crypto app targeting the $3 trillion crypto market. It’s a super app targeting the $600 trillion global asset market.”
According to Hougan, Hyperliquid has evolved from a platform known mainly for crypto perpetual futures into a financial system supporting multiple asset classes. He noted that equities, commodities, prediction markets, and pre-IPO products are now available through the platform.
Bitwise estimates that Hyperliquid currently generates between $800 million and $1 billion in annual revenue. Hougan also highlighted trading activity on the platform, which recently reached about $170 billion per month. He added that non-crypto assets now account for nearly half of the platform’s trading activity and could make up around 70% of volume over time.
$HYPE token economics remain a key focus
A central part of Bitwise’s analysis concerns the connection between platform activity and the $HYPE token. Hougan described $HYPE as a “second-generation” token, arguing that its value accrual mechanism differs from many earlier crypto assets.
According to Bitwise, roughly 99% of platform fees are directed toward token buybacks. Hougan noted that higher trading volume leads to increased buyback activity, creating a direct link between platform usage and token demand.
Traditional exchanges seek regulatory clarity
At the same time, Hyperliquid’s growth has drawn attention from major exchange operators. During the Bernstein conference, Intercontinental Exchange CEO Jeffrey Sprecher confirmed that ICE representatives had held several meetings with the Hyperliquid team.
Sprecher said ICE is studying the platform’s business model amid growing demand for around-the-clock derivatives trading. He noted that the company is not concerned about competition, but is interested in understanding how decentralized markets operate and how existing rules should be applied.
A previous Bloomberg report indicated that ICE and CME Group had contacted the U.S. Commodity Futures Trading Commission and lawmakers regarding Hyperliquid’s operations. Sprecher said the discussions were aimed at clarifying regulation rather than directly challenging the platform.
