XRP has seen a significant decline of 60% from its peak of $3.65 in July 2025, despite several catalysts such as the SEC settlement and increased institutional interest, including a $154 million ETF position from Goldman Sachs. Currently trading between $1.37 and $1.45, XRP's performance has disappointed investors, leading to a broader sentiment of apathy in the crypto market, as noted by Bitwise's Head of Research, Ryan Rasmussen. In contrast, Bitwise Chief Investment Officer Matt Hougan has identified HYPE as the most mispriced asset in the crypto realm, suggesting that its market potential is only 5% realized. HYPE dominates the decentralized perpetual futures market and implements a buyback mechanism that directs 99% of fees toward purchasing and burning its tokens. The recent launch of the Bitwise Hyperliquid ETF saw over one million HYPE tokens in inflows within ten days, indicating strong demand. Hougan also introduced the idea of Gen 2 tokens, which could emerge as key players in the evolving regulatory landscape, with HYPE being a prime example.