- Bitwise’s CIO explained which projects will lead the next crypto market rally.
- Hougan sees a new trend, with tokenization and DeFi taking center stage.
- He believes Hyperliquid and Robinhood could emerge as the biggest winners.
Bitwise Chief Investment Officer (CIO) Matt Hougan said the next crypto bull cycle will be driven by the integration of traditional finance with blockchain infrastructure.
“The next crypto bull cycle will be about stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi scaling to the trillions, disrupting finance the way the internet disrupted media and shopping in the early 2000s,” he said.
In his view, most investors are still underestimating this trend.
The statement comes amid a market rebound: since July 1, bitcoin has risen 9% despite the Nasdaq-100 index falling by about 6%, and inflows into spot ETFs have turned positive again.
Previously, Bitwise’s CIO had already said the next bull cycle would be slower and less volatile, and also predicted the end of bitcoin’s bearish phase following Strategy’s sell-off of STRC preferred shares.
Hyperliquid and Robinhood as Symbols of a New Cycle
As examples of companies already leading the convergence of the traditional financial system with onchain infrastructure, Hougan cited Hyperliquid and Robinhood.
According to him, Hyperliquid has evolved from a crypto perpetuals platform into a universal venue where nearly half of trading volume already comes from traditional assets — oil, silver, and the S&P 500 index. He also highlighted the project’s tokenomics model:
- The platform could generate around $800 million in revenue in 2026
- 99% of that revenue is allocated to buying back HYPE tokens from the open market
- This reduces the token’s supply and supports its value
Hougan said that, in his view, even doubling HYPE’s price would not make the asset overvalued.
His assessment aligns with recent market trends. Earlier, analysts at Kairos Research called the HYPE ETF the most successful debut among spot crypto funds.
In addition, the HYPE token has already set a new all-time high above $74 and entered the top 10 cryptocurrencies by market cap, while Multicoin Capital projected its potential rise to above $300 by 2028.
As a second example, he pointed to Robinhood, which in early July launched its own Layer 2 blockchain, Robinhood Chain.
According to Hougan, in just the first two weeks, the network:
- Attracted more than $300 million in deposits
- Processed about 3.6 million transactions per day
- Gave users in 120 countries access to tokenized stocks with 24/7 trading
Notably, within two weeks Robinhood Chain entered the top 5 by DEX trading volume, and the network’s TVLneared $500 million in three weeks.
He emphasized that while a significant share of activity still comes from memecoins, tokenized stock trading volumes are already meaningful, and user interest is real.
Who Will be the Winner in the New Market?
In Hougan’s view, two categories of companies have the best chances to benefit from the new cycle.
The first is crypto projects with real revenue and efficient tokenomics. Beyond Hyperliquid, he highlighted Uniswap, Aave, and Morpho as examples of platforms increasingly tying their tokens’ value to protocol usage.
The second is traditional financial companies that are actively moving onto blockchain rails. Among them, the Bitwise CIO named Coinbase, Figure, BlackRock, Visa, Stripe, and even JPMorgan.
In his view, real change is happening not in experimental pilots, but in products that are already operating at a global scale.
“There’s a long-held belief in crypto that its greatest success will come when it’s most hidden—when blockchain technology becomes so ingrained in the architecture of the financial system that people don’t even realize it’s there,” Hougan said.
He added that during the next bull cycle, traditional finance and the crypto ecosystem could finally become a single, unified infrastructure.
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