Which altcoin could deliver the next 10x move: HYPE, LINK, ONDO, or AVAX?

Bear markets often become the backdrop for the next cycle’s winners, as institutional and product catalysts build beneath the surface. While traders focus on Bitcoin and Iran-related headlines, several altcoins are seeing institutional momentum that the broader market may not yet fully reflect.

Hyperliquid’s ETF Race

Hyperliquid surpassed Coinbase in 2025 notional trading volume, recording $2.6 trillion versus Coinbase’s $1.4 trillion. The protocol generated $14 million in fees in a single week in March, a 56% increase, with 97% of that revenue automatically used to buy back HYPE tokens daily.

Four major asset managers have filed spot ETFs for HYPE: Grayscale, Bitwise, 21Shares, and VanEck. The filings mark the first time four firms have simultaneously raced for a DeFi-native token ETF. JPMorgan also published a research note on Hyperliquid’s oil trading surge in March, and S&P Dow Jones Indices licensed the S&P 500 for perpetual contracts on the platform—described as the first officially licensed S&P 500 derivative on any blockchain.

BitMEX co-founder Arthur Hayes set a $150 price target for HYPE by August 2026, calling it his fund’s largest non-Bitcoin position. HYPE currently trades near $42.

LINK: JPMorgan and UBS Testing CCIP

Chainlink has secured over $28 trillion in total value across more than 15 blockchains. Its Cross-Chain Interoperability Protocol processes $18 billion per month, growing 62% quarter over quarter. JPMorgan and UBS are running live blockchain settlement tests through CCIP.

Separately, the Bitwise LINK ETF launched on NYSE Arca, expanding access to LINK for 401(k) and IRA accounts. Standard Chartered has set a $25–$45 price target, while LINK currently trades near $9.

The core narrative is the gap between what the network supports and what the token is priced at.

ONDO: Tokenisation on Binance’s Rails

Binance partnered with Ondo Finance to relaunch tokenised US stocks and ETFs, described as the exchange’s first such offering since 2021. Ondo holds a 58% market share in tokenised stocks, and TVL reached a record $2.52 billion in February 2026.

Franklin Templeton’s $1.7 trillion asset management operation has partnered with the platform. ONDO currently trades near $0.25.

AVAX: BlackRock’s Tokenisation on Avalanche

BlackRock is actively tokenising assets on Avalanche. RWA total value locked on the network reached $1.3 billion, doubling since April 2025. VanEck launched the first US spot AVAX ETF in January 2026, including staking rewards. AVAX trades near $9.2.

“BlackRock doesn’t tokenize on untrusted chains. If the ETF gains traction, $55 is realistic – but patience is required.”

Which token leads?

With multiple institutional catalysts in motion across Hyperliquid, Chainlink, Ondo, and Avalanche, the market will determine which token rallies first and the highest.