Bitwise CIO Sees Hyperliquid Becoming Finance's Next Amazon, Calls It A ‘Financial Juggernaut’

Matt Hougan said Hyperliquid had the “ambition” of becoming “one of the largest financial entities in the world.”

• Bitwise Chief Investment Officer Matt Hougan compared Hyperliquid to Amazon.
• He said Hyperliquid was following a similar path in finance to how Amazon turned into an “everything store” from a bookstore.
• Hougan explained that Bitwise was looking for that kind of layered growth.

Bitwise Chief Investment Officer (CIO) Matt Hougan described Hyperliquid as a platform on track to become “a financial juggernaut,” but the Hyperliquid (HYPE) token failed to gain. 

Speaking with Laura Shin on the Unchained podcast during a Tuesday livestream, Hougan compared Hyperliquid to Amazon (AMZN). “Amazon started as a bookstore,” eventually turning into an “everything store,” and in his view, Hyperliquid has been following the same path in finance. “It is building effectively a super app starting with crypto-based perps but expanding to real-world assets and now prediction markets,” Hougan said.

Hougan explained that Bitwise was looking for that kind of layered growth, and the firm favored businesses that added one source of growth on top of another, rather than relying on a single product. “That’s clearly the playbook that Hyperliquid is working with,” he said. Hougan explained that institutions he spoke with were excited about HYPE’s move to the U.S., even if most wealth managers did not yet understand how Hyperliquid worked.

“There’s no guarantee, but they have the ambition, I think, of being one of the largest financial entities in the world,” he said.

Numbers Behind The Pitch

DefiLlama data showed how large Hyperliquid had already become. The platform handled over $254 billion in perpetual futures trading over the past 30 days, bringing in $69 million in revenue over the same period. Traders had nearly $7 billion in open positions on the exchange, while the total value of assets locked (TVL) on the platform stood at $7.74 billion.

HYPE's price was down more than 3% over the past 24 hours, even as South Korean exchanges Upbit and Bithumb listed HYPE. On Stocktwits, retail sentiment around HYPE remained in the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

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