"Ethereum and Solana also reversed"...Hyperliquid targets $600 trillion traditional asset market

▲ Hyperliquid (HYPE)/AI Generated Image

It has been argued that Hyperliquid (HYPE) should not be evaluated as a mere cryptocurrency application. Matt Hougan, Chief Investment Officer at Bitwise, assessed Hyperliquid not as a standard application operating within the $3 trillion cryptocurrency market, but rather as closer to a financial super app targeting the $600 trillion global traditional asset market.

According to U.Today on May 19 (local time), Hougan pointed out that it is a mistake to value Hyperliquid based on existing cryptocurrency app standards. He views Hyperliquid as targeting the global traditional asset market beyond decentralized finance projects, and that this market is worth $600 trillion.

This investment thesis is supported by Hyperliquid's real-world asset (RWA) sector. The open interest in Hyperliquid's RWA sector recorded an all-time high of $2.6 billion, doubling in the past two months. Furthermore, last week, the Hyperliquid network generated approximately 40% of all blockchain fees, surpassing Ethereum (ETH) and Solana (SOL).

Hyperliquid's native token HYPE also reflected institutional investment expectations. HYPE recorded $47.90 as of the article's publication and rose 20% in May. U.Today reported that HYPE set a new price high in 2026 and entered a price gap zone at 61,420 satoshis relative to Bitcoin (BTC). It explained that there are no significant limit sell walls preventing further upward movement in this zone.

Spot HYPE ETFs are also expanding rapidly. The combined assets under management of spot HYPE ETFs reached $18.59 million just four days after launch. Bitwise has already implemented a direct financial linkage structure for its BHYP ETF, where 10% of the management fee is used to buy HYPE in the market and then staked on the fund's balance sheet.

Capital flow movements have also been confirmed. Goldman Sachs reportedly gained new HYPE exposure through Hyperliquid Strategies (PURR) shares in its Q1 2026 13F report. U.Today reported that these movements indicate Wall Street funds are moving into Hyperliquid-related assets.

The biggest variable is U.S. regulation. U.Today reported that strict U.S. regulations, a key barrier between Hyperliquid and the $600 trillion market, could be removed within days. The U.S. administration is reportedly preparing a regulatory framework, and SEC Commissioner Paul Atkins is said to be planning to allow decentralized cryptocurrency platforms to trade tokenized versions of securities without separate approval from listed companies.

U.Today reported that after Atkins publicly acknowledged that the existing regulatory framework does not fit all-in-one blockchain systems, Hyperliquid is receiving direct legal signals to launch a large-scale on-chain stock market. The expectation that Hyperliquid can target not only the cryptocurrency market but also the traditional financial asset market is emerging as a driving force behind HYPE's rise.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*