Bitwise CIO Matt Hougan argues that evaluating Hyperliquid as a typical crypto app is incorrect. He believes Hyperliquid is more like a comprehensive financial platform aiming for the much larger traditional financial market—a $600 trillion market—rather than the $3 trillion crypto market.
This research focuses on Hyperliquid, a platform for trading real-world assets, which has seen significant growth recently. Open interest – the total value of open positions – reached a record $2.6 billion, doubling in just two months. Last week, Hyperliquid also processed almost 40% of all fees generated by blockchain networks, surpassing both Ethereum and Solana in terms of fee generation.
HYPE coin sets 2026 price high on Wall Street fuel
The price of HYPE is currently $47.90, a 20% increase for May, which shows growing interest from larger investors. It has reached a new high for 2026 and is now trading at 61,420 satoshis against Bitcoin, a level where there’s little resistance from sell orders, suggesting potential for further price increases.
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Spot ETFs focused on HYPE are gaining traction quickly, amassing $18.59 million in assets within just four days of becoming available. Bitwise, the company behind the BHYP ETF, is actively supporting the value of HYPE by using 10% of its management fees to repurchase HYPE from the market and then staking those tokens, effectively boosting the fund’s holdings.
Investment firm Goldman Sachs has begun investing in HYPE, as shown in their first-quarter 2026 filings, through shares of Hyperliquid Strategies (ticker symbol: PURR).
Hyperliquid could soon have access to the massive $600 trillion financial market. The main obstacle – strict U.S. regulations – may be lifted in the coming days. Bloomberg reports that the U.S. government is developing new rules, and SEC Chairman Paul Atkins is considering allowing crypto platforms to trade digital versions of securities without needing permission from the companies that issued them.
Now that a key regulator, Atkins, has stated that existing rules don’t work with comprehensive blockchain systems, Hyperliquid is essentially cleared to begin a major market for trading stocks directly on the blockchain.
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2026-05-19 19:15