Bitwise Says Hyperliquid Targets $600T Market as Platform Expands Beyond Crypto

• Bitwise says Hyperliquid targets the $600T global asset market, not just the $3T crypto sector.
• Hyperliquid processes about $170B monthly volume as non-crypto markets approach half of activity.
• ICE met Hyperliquid several times while seeking regulatory clarity for on-chain futures markets.

Hyperliquid is drawing attention from both crypto investors and traditional financial institutions as the platform broadens its product offerings beyond digital assets. According to recent comments from Bitwise Chief Investment Officer Matt Hougan, many market participants continue to underestimate the size of the opportunity Hyperliquid is pursuing and the way its native HYPE token captures value from platform activity.

Hougan argued that the platform should not be viewed solely as a crypto trading venue, noting that its expansion into equities, commodities, prediction markets, and pre-IPO synthetic assets places it within a much larger addressable market.

Bitwise Points to Larger Market Opportunity

In a detailed note, Hougan said investors often compare Hyperliquid with traditional cryptocurrency exchanges despite the platform’s growing exposure to non-crypto markets. He stated that the more relevant comparison is the broader global asset market, which Bitwise estimates at roughly $600 trillion.

According to Hougan, Hyperliquid has advanced from a platform primarily known for crypto perpetual futures into a financial system that supports 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 approximately $170 billion in monthly volume. He added that non-crypto assets currently account for nearly half of platform trading activity and could represent about 70% of volume over time.

HYPE Token Economics Remain a Key Focus

A central part of Bitwise’s analysis concerns the relationship between platform activity and the HYPE token. Hougan described HYPE as a “Gen 2” token, arguing that its value accrual mechanism differs from many earlier crypto assets.

According to Bitwise, approximately 99% of platform fees are directed toward token buybacks. Hougan stated that higher trading volume leads to increased buyback activity, creating a direct connection between platform usage and token demand.

Traditional Exchanges Seek Regulatory Clarity

At the same time, Hyperliquid’s growth has attracted attention from major exchange operators. During the Bernstein conference, Intercontinental Exchange Chief Executive Officer Jeffrey Sprecher confirmed that ICE representatives have held several meetings with the Hyperliquid team.

Sprecher said ICE is studying the platform’s business model as demand grows for around-the-clock trading of commodity derivatives. He noted that the company is not concerned about competition but is interested in understanding how decentralized markets operate and how existing regulations should apply.

A previous Bloomberg report indicated that ICE and CME Group had contacted the U.S. Commodity Futures Trading Commission and lawmakers regarding Hyperliquid’s activities. Sprecher said the discussions were intended to clarify regulatory treatment rather than challenge the platform directly.

Related: Is Hyperliquid the Next Financial Services Juggernaut?