TradFi vs Crypto: Why JPMorgan and Bitwise See Hyperliquid So Differently JPMorgan sees a threat Bitwise sees a $150 opportunity Both are looking at the same asset: $HYPE So who is right? JPMorgan recently warned that Hyperliquid faces growing competition from regulated U.S. perpetual platforms and prediction markets It also highlighted that HYPE ETF inflows stalled in July and early August after strong inflows in May and June From a TradFi perspective, the concern is straightforward: If regulated alternatives improve, liquidity can move But Bitwise CIO Matt Hougan is looking at a very different picture He sees Hyperliquid evolving from a crypto derivatives exchange into a broader trading superapp, with expanding products and a feetobuyback model that directly links platform activity to HYPE And I think this is where the debate gets interesting Hyperliquid isn't simply defending its existing market share It's expanding the market itself HIP3 is opening the door to RWA perpetuals Open interest continues to grow Trading volumes remain among the strongest in crypto And the platform keeps adding new assets and products That makes it harder to evaluate Hyperliquid purely as a derivatives exchange The bigger question is whether its product expansion + onchain infrastructure + token value accrual can grow faster than regulated competitors can replicate its advantages JPMorgan is focused on the risks Hyperliquid faces today Bitwise is focused on the platform Hyperliquid could become Both perspectives matter. But for me, the second is currently more interesting Because if Hyperliquid successfully becomes the onchain trading layer for crypto, RWAs, and eventually broader financial markets, today's valuation framework could look very different The real question: Will regulated platforms take volume from Hyperliquid, or will Hyperliquid keep expanding faster than the competition can catch up? Which side are you on?