Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on 
Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE 
exchange-traded fund (ETF) last week. In his comments, Hougan argued that the 
market is mispricing Hyperliquid’s broader business model—treating it as 
essentially just another perpetual futures venue. Hyperliquid As A Global 
Super App Hougan said Hyperliquid appears to be caught in what he described as 
a “pricing error,” with investors valuing the platform as little more than a 
perpetual futures exchange. In contrast, he framed Hyperliquid as a global 
financial “super app,” one that is moving beyond the boundaries of crypto and 
expanding into areas such as stocks, commodities, foreign exchange, and 
prediction markets. Related Reading: The Bitcoin Meltdown: What’s Behind The 
Drop To $76,000, And What’s Next As part of his valuation perspective, Hougan 
estimated the platform’s annual revenue could be in the range of about $800 
million to $1 billion, suggesting room for the business to scale well beyond 
how it’s currently categorized by the market. A key element of Hougan’s case 
involves Hyperliquid’s fee model. He pointed to a structure in which 99% of 
trading fees are directed toward HYPE token buybacks, describing it as a 
mechanism that helps support value rather than simply extracting revenue 
without a token-linked benefit. That, he said, aligns incentives in a way that 
differs from what investors may be assuming when they treat Hyperliquid as a 
standard trading platform. HYPE Approaches All-Time Highs Hougan also 
emphasized that HYPE’s recent performance does not change his view that the 
token remains undervalued. He noted that HYPE is up by 77% this year, yet he 
believes the market still hasn’t fully credited Hyperliquid’s long-term 
trajectory. In his view, Hyperliquid’s real opportunity is not just to grow as 
a rapidly expanding crypto perpetual exchange, but to evolve into a broader 
trading super app spanning stocks, pre-IPO assets, commodities, prediction 
markets, and crypto assets. Related Reading: Zcash, Bitcoin, And 
Solana—Catalysts Ahead That Could Fuel Another Upswing Before May Ends The 
bullish remarks come as interest in HYPE gained another boost from ETF 
activity. Along with Bitwise’s launch of a Hyperliquid ETF tied to HYPE, 
21Shares introduced its own HYPE ETF earlier in the month. Following those 
launches, HYPE surged—recording massive gains of nearly 20% in the past week 
alone. At the time of writing, HYPE was trading just above the key $48 mark, 
only 18% below all-time high levels of $59 reached last year. Featured image 
created with OpenArt, chart from TradingView.com

Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week. In his comments, Hougan argued that the market is mispricing Hyperliquid’s broader business model—treating it as essentially just another perpetual futures venue. Hyperliquid As A Global &#8230;

Bitwise Bullish on Hyperliquid: HYPE Labeled ‘Undervalued’ As It Rallies 20%

Bitcoin (BTC) has slipped after failing to clear a major ceiling around the 
$83,000 area, with the flagship cryptocurrency down nearly 5% over the past 
week. As of Tuesday evening, BTC was changing hands at roughly $76,750. Even 
with the pullback, market analyst Ali Martinez believes the current price 
action still leaves room for a rebound toward $94,850. Bitcoin Could Drop 
Toward $54,270 In a Tuesday social media post on X (previously Twitter), 
Martinez pointed to Bitcoin’s Market Value to Realized Value (MVRV) pricing 
bands, saying a move to $94,850 would represent about a 23.5% increase from 
current levels. However, he cautioned that this upside path depends on Bitcoin 
holding above a specific support level at $72,960. In his view, losing that 
threshold would shift the outlook and open the door to a deeper drawdown. 
Related Reading: Zcash, Bitcoin, And Solana—Catalysts Ahead That Could Fuel 
Another Upswing Before May Ends If $72,960 is broken, Martinez warned that BTC 
could be pulled toward the realized price near $54,270. That scenario would 
imply an additional 29% retracement from present prices. With that in mind, 
the analyst framed the $72,960 level as a key line in the sand for determining 
whether Bitcoin’s consolidation turns into the next leg up or extends into a 
more pronounced correction. Adding to the bullish outlook, Martinez also said 
derivatives traders are positioning as if another advance is likely. He noted 
that Bitcoin funding rates have climbed to 0.4%, the highest level seen in 
more than two months. Key Support And Resistance Walls To Watch When Bitcoin 
funding rates rise to that extent, it typically signals that the derivatives 
market is being driven by aggressive long positioning, with market 
participants paying a premium to keep long exposure. According to Martinez, 
this kind of demand can sometimes lead to quick liquidations if the market 
snaps downward and forces late buyers out, but it also reflects a broader bias 
that remains tilted toward expansion. Related Reading: Goldman Sachs 
Rebalances Crypto Exposure: XRP, SOL Out, ETH Down 70%, Hyperliquid In In 
another social media post issued on Monday, the analyst also highlighted 
additional levels to watch ahead tied to the cryptocurrency’s UTXO Realized 
Price Distribution (URPD) indicator. Martinez identified new resistance levels 
at $78,258 and $84,569. On the support side, he pointed to $75,733 and 
$66,898. Together with the earlier $72,960 support marker, these zones form 
the set of key reference points Martinez said could shape whether Bitcoin 
pushes higher toward $94,850 or slides toward the realized price area. 
Featured image created with OpenArt, chart from TradingView.com

Bitcoin (BTC) has slipped after failing to clear a major ceiling around the $83,000 area, with the flagship cryptocurrency down nearly 5% over the past week. As of Tuesday evening, BTC was changing hands at roughly $76,750. Even with the pullback, market analyst Ali Martinez believes the current price action still leaves room for a &#8230;

Bitcoin Could Hit Near $95,000 If It Holds Above This Critical Support, Top Analyst Says

On-chain data shows USDC exchange inflows have witnessed a spike after the 
latest Bitcoin pullback, a potential sign that traders are looking to buy the 
dip. USDC Exchange Inflows Have Spiked To $350 Million As pointed out by on- 
chain analyst Maartunn in an X post, a notable amount of USDC has hit 
exchanges recently. The indicator of interest here is the &#8220;Exchange Inflow,&#8221; 
which tracks the total number of tokens of a given asset that investors are 
transferring to wallets connected to centralized exchanges. Related Reading: 
Solana Fails Channel Breakout—$78 Support The Next Destination? When the value 
of the metric is high, it means holders are depositing a large amount of the 
cryptocurrency to these platforms. Generally, investors transfer to exchanges 
when they want to trade away their tokens, so this kind of trend can be a sign 
of increased interest in swapping the asset. For volatile cryptocurrencies 
like Bitcoin, this can naturally be a bearish signal for the price. When it 
comes to stablecoins, however, the consequences naturally change. Stablecoins 
are, by nature, &#8216;stable&#8217; in value around whatever fiat currency that they are 
pegged to. As such, trading them away doesn&#8217;t cause their price to go down. 
That said, Stablecoin exchange deposits affect the sector in another way. 
Usually, investors store their capital in the form of these safe-havens when 
they want to avoid the volatility associated with other digital assets. Once 
they feel that the time is right to invest back into BTC and others, they 
transfer their stables to exchanges. This deployment of capital previously 
sitting on the sidelines can naturally act as a boost for the volatile side of 
the market. As the chart shared by Maartunn shows, the Exchange Inflow has 
spiked for USDC recently, a potential sign that this deployment may be in 
action right now. These inflows of the stablecoin have arrived after a 
pullback in the Bitcoin price to levels under $77,000. Considering the timing, 
the deposits could correspond to dip-buying behavior. In total, this spike saw 
$350 million in USDC enter exchanges. This isn&#8217;t an especially massive amount, 
but could still help the market turn around if it&#8217;s only the start of the 
inflows. It only remains to be seen, though, how investor behavior will 
develop in the coming days. Related Reading: Bitcoin Recovery Above Key Cost 
Basis Level Fails As BTC Falls Under $77,000 In related news, the market cap 
of the stablecoins as a whole is currently sitting around an all-time high 
(ATH), according to data from DefiLlama. As displayed in the above graph, the 
stablecoin market cap has been following a gradual uptrend recently, a sign 
that this part of the digital asset sector has been seeing increased interest 
from investors. After the latest continuation to the upward trajectory, the 
metric has hit a value of $323.1 billion. Bitcoin Price Bitcoin has dropped to 
the $76,800 mark following its retrace over the last few days. Featured image 
from Dall-E, chart from TradingView.com

On-chain data shows USDC exchange inflows have witnessed a spike after the latest Bitcoin pullback, a potential sign that traders are looking to buy the dip. USDC Exchange Inflows Have Spiked To $350 Million As pointed out by on- chain analyst Maartunn in an X post, a notable amount of USDC has hit exchanges recently. &#8230;

USDC Exchange Inflows Hit $350M—Traders Buying The Bitcoin Dip?

XRP gained renewed attention after Evernorth highlighted how the crypto asset 
facilitated a tokenized Treasury redemption across Ripple, Mastercard, J.P. 
Morgan’s Kinexys, and Ondo Finance. Ripple, Mastercard, and JPMorgan’s Kinexys 
Linked Through XRP Settlement Flow XRP treasury company Evernorth shared on 
May 18 that the “actual story” behind a recent cross-institutional blockchain 
transaction was the […]

XRP gained renewed attention after Evernorth highlighted how the crypto asset facilitated a tokenized Treasury redemption across Ripple, Mastercard, J.P. Morgan’s Kinexys, and Ondo Finance. Ripple, Mastercard, and JPMorgan’s Kinexys Linked Through XRP Settlement Flow XRP treasury company Evernorth shared on May 18 that the “actual story” behind a recent cross-institutional blockchain transaction was the &#8230;

Evernorth Highlights XRP’s ‘Actual Story’ Beyond JPMorgan Settlement Attention

Solana futures funding turned negative as demand for SOL and its associated 
decentralized exchanges fell. Will traders buy the dip or is $78 next?

Solana futures funding turned negative as demand for SOL and its associated decentralized exchanges fell. Will traders buy the dip or is $78 next?

Solana futures funding rate turns negative: Is $78 SOL next?

Trump ordered federal regulators to review fintech and digital asset rules 
tied to banking and payment system access. The order gives agencies 90 days to 
identify barriers facing fintech firms and digital asset companies. Trump 
Order Targets Digital Asset Access to Payment Rails President Donald Trump 
issued an executive order on May 19 directing federal […]

Trump ordered federal regulators to review fintech and digital asset rules tied to banking and payment system access. The order gives agencies 90 days to identify barriers facing fintech firms and digital asset companies. Trump Order Targets Digital Asset Access to Payment Rails President Donald Trump issued an executive order on May 19 directing federal &#8230;

Bitwise Bullish on Hyperliquid: HYPE Labeled ‘Undervalued’ As It Rallies 20%

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