Hyperliquid Outperforms Bitcoin — Bitwise CIO Calls It A 'Super App' Targeting The $600 Trillion Global Asset Market

• Bitwise CIO Matt Hougan stated on Tuesday that Hyperliquid is a “super app” targeting the broader $600 trillion global asset market rather than just crypto.
• The crypto project also reported that RWA trading on the platform reached a new record high of $2.6 billion in open interest, double the amount from two months ago
• Retail sentiment around HYPE turned ‘extremely bullish’ from ‘bullish’ on Stocktwits.

Hyperliquid (HYPE) outperformed Bitcoin (BTC) in midday trade on Tuesday after investment chief at Bitwise, Matt Hougan, said that the decentralized exchange is a “super app.”

“Hyperliquid is not a crypto app. It’s a super app,” he wrote in a post on X. “It’s not targeting the $3 trillion crypto economy. It’s targeting the $600 trillion global asset market.”

In addition to Hougan's comments driving bullish momentum, the crypto project also reported that real world asset (RWA) trading on the platform reached a new record high of $2.6 billion in open interest, double the amount from two months ago. HYPE’s price rose 7.6% in the last 24 hours to over $48, while Bitcoin’s price edged just 0.3% higher, struggling to climb back above $77,000. 

Retail sentiment around the two tokens also diverged on Stocktwits. Sentiment around Hyperliquid improved to ‘extremely bullish’ from ‘bullish’ territory over the past day, accompanied by chatter at ‘extremely high’ levels. Meanwhile, sentiment around Bitcoin trended in ‘bearish’ territory, alongside ‘normal’ levels of chatter.

Not only is Hyperliquid outperforming Bitcoin when it comes to daily gains, but also over the past month and year. 

The Bull Case For Hyperliquid’s Token

Hougan's comments come after his firm launched its spot Bitwise Hyperliquid ETF (BHYP) last week on the New York Stock Exchange (NYSE), the first U.S.-listed spot HYPE product and the first to offer in-house staking. 

At the time of launch, Bitwise pointed to Hyperliquid's $2.9 trillion in trading volume in 2025, more than a 400% annual jump, and noted the platform commands 60% of all on-chain derivative open interest globally. 

Momentum accelerated around Hyperqliuid after the U.S.-Iran war broke out and traders turned to the decentralized exchange for price discovery in off-market hours. Maelstrom CIO Arthur Hayes has put a $150 year-end price target on Hyperliquid, and it is among the biggest positions he’s taken in altcoins amid the “crypto winter” alongside ZCash (ZEC) and Near Protocol (NEAR).

Read also: SpaceX, Palantir, Bitcoin Are Pricing The Same War — Just From Different Sides, According To 10x Research

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