Bitwise Backs Hyperliquid and Robinhood – Here Is Why They Could Lead the Next Crypto Bull Market

• Bitwise CIO Matt Hougan believes Hyperliquid and Robinhood are among the strongest candidates to benefit from the next crypto bull market.
• He argues the next cycle will be driven by tokenized assets, stablecoins, institutional DeFi, and blockchain-based financial infrastructure, rather than pure speculation.
• Hougan says growing adoption by traditional financial firms could create a larger and more sustainable crypto market cycle.

Bitwise Chief Investment Officer Matt Hougan believes the next major crypto rally could look very different from previous bull markets, with traditional finance playing a much larger role in driving growth.

In a new market memo, Hougan argued that blockchain technology is increasingly becoming part of mainstream financial infrastructure through tokenized assets, stablecoins, 24/7 trading, instant settlement, and institutional decentralized finance.

Rather than relying primarily on speculative demand, Hougan expects the next cycle to be supported by growing financial activity, real-world revenue, and broader institutional adoption.

Hyperliquid’s Revenue Model Stands Out

Hougan highlighted Hyperliquid as one of the strongest crypto-native platforms positioned to benefit from this transition.

Originally known for its decentralized perpetual futures exchange, the Layer 1 network has expanded into markets tied to traditional financial assets, including commodities and equity indexes.

According to Hougan, Hyperliquid surpassed $1 billion in cumulative revenue and is projected to generate approximately $800 million this year. He noted that the protocol uses 99% of its revenue to purchase HYPE tokens on the open market, creating a direct connection between platform activity and token demand.

He also pointed to projects such as Uniswap, Aave, and Morpho as protocols strengthening the relationship between network usage and token value.

Robinhood Pushes Further Into Blockchain

On the traditional finance side, Hougan identified Robinhood as another company well positioned for the industry’s next phase.

Earlier this month, Robinhood launched the public mainnet of Robinhood Chain, a Layer 2 blockchain built using Arbitrum technology to support tokenized financial products and real-world assets.

The company also introduced blockchain-based stock tokens through its self-custody wallet in more than 120 countries, allowing eligible users to trade around the clock and interact with decentralized applications.

Hougan said Robinhood Chain attracted more than $300 million in deposits and processed roughly 3.6 million daily transactions within its first two weeks, suggesting strong early adoption.

Traditional Finance Continues Moving Onchain

Beyond Hyperliquid and Robinhood, Hougan believes several major financial institutions are positioned to benefit as blockchain adoption accelerates.

He identified Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan as companies with meaningful exposure to the growing convergence between traditional finance and blockchain infrastructure.

As more financial services move onchain, Hougan expects competition among major institutions to increase, potentially accelerating the rollout of tokenized products and blockchain-powered financial services.

Institutional Adoption Could Drive the Next Cycle

Hougan also noted that Bitcoin has outperformed the Nasdaq 100 since the beginning of July, while improving ETF flows and market sentiment may indicate the broader crypto market is stabilizing.

Although he cautioned that it remains too early to confirm a new bull market, Hougan believes the industry’s long-term outlook is increasingly supported by institutional participation and real economic activity rather than speculation alone.

If that trend continues, he argues the next crypto cycle could be larger and more durable than previous rallies as blockchain technology becomes a foundational layer of the global financial system.

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