Bitwise CIO Matt Hougan argues Hyperliquid should be valued against the $600T global asset market, not the $3T crypto market, framing HYPE more like an exchange business than a typical token. The thesis is gaining traction as Bitwise's HYPE ETF attracted $55M in inflows within its first two weeks, while HYPE recently traded above $64 for the first time. Fundamentally, Hyperliquid continues to expand beyond perpetual futures. The platform now controls roughly 44% of perpetual DEX volume, has around $2.65B in open interest for real-world asset perps, and recently launched prediction markets through its HIP-4 framework. My take: the most important idea here is the valuation framework. Bulls are no longer comparing Hyperliquid to other crypto tokens—they're comparing it to exchanges like CME or Coinbase that generate fees across multiple products. That narrative can support a much larger valuation if growth continues, but it also raises the bar significantly. The key question is whether Hyperliquid can evolve into a durable financial infrastructure platform rather than remain primarily a crypto trading venue.