Bitwise Asset Management’s Chief Investment Officer Matt Hougan has publicly endorsed Hyperliquid’s tokenomics, describing its value capture mechanism as straightforward and easy to present to financial advisors. In a post on X, Hougan highlighted that the decentralized exchange and layer-1 blockchain uses 99% of its generated fees for token buybacks, a structure that reduces the circulating supply of HYPE tokens over time and may support their value.
The endorsement arrives as whale traders accumulate long positions at the most aggressive pace in eight months, even while retail sentiment sits at a 12-month bearish extreme. Data from Alphractal shows large players have been quietly building leveraged longs since early May, a divergence that in the past has led to short squeezes and sharp price rises. HYPE was trading at $62.05, with a daily volume of $830 million and a market cap above $15 billion.
Technical analysis adds further fuel to the bullish narrative. Crypto analyst Bitcoin Meraklisi noted that HYPE closed a daily candle above the $59.54 resistance level, a zone that had capped gains for months. This breakout from a cup formation opens a measured target of $170, implying a potential 175% move from current prices. The MACD indicator is trending upward with growing green histogram bars, and the price remains well above the 20-day simple moving average of $47.97, though an upper Bollinger Band break hints at short-term overextension.
Institutional interest is also visible beyond Hougan’s comments. Grayscale submitted a third amendment for a Hyperliquid ETF that would trade under ticker $GHYP, signaling progress toward a potential U.S. listing. Meanwhile, payments firm MoonPay has enabled access to USDH and USDC through the Hypercore network. These developments, combined with the transparent buyback model, suggest that Hyperliquid is crafting a narrative that appeals to both crypto-native traders and traditional finance professionals.
