Crypto Bull Market: Bitwise CIO Sees Hyperliquid and Robinhood Leading Next Cycle

Key Insights:

• The crypto bull market could favor platforms linking real revenue with token value, Matt Hougan said.
• Hyperliquid crossed $1 billion in lifetime revenue and directs nearly all revenue toward HYPE purchases.
• Robinhood Chain launched with stock tokens and DeFi access across more than 120 countries.

Bitwise Chief Investment Officer Matt Hougan expects the next crypto bull market to center on links between blockchain networks and traditional finance. In his latest CIO memo, Matt Hougan identified Hyperliquid and Robinhood as two models positioned to benefit from that shift.

Hougan said stablecoins, tokenization, instant settlement, and round-the-clock trading may shape the next cycle. He also cautioned that the market has not fully confirmed a bottom. Bitcoin has improved since early July, while ETF flows and investor sentiment have also turned more positive.

Crypto Bull Market Thesis Centers on Financial Convergence

Hougan divided his outlook into two investment lanes. The first covers crypto applications that generate revenue and connect token demand with platform activity. The second covers established financial companies that build working products on blockchain infrastructure.

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