According to Hogan’s observations, the first cryptocurrency is showing signs of hitting a price bottom. Since July 1, Bitcoin has risen by 9%, while the Nasdaq-100 stock index has fallen by 6%. The inflow of funds into cryptocurrency exchange-traded funds (ETFs) has turned positive, and investor sentiment is improving, said a senior executive at Bitwise.
“If the bottom has been reached, what will drive the next bull market? The answer is obvious: the convergence of blockchain and traditional finance. This includes the proliferation of stablecoins and asset tokenization, 24/7 trading and instant settlements via blockchain, and the trillion-dollar growth of the decentralized finance (DeFi) sector fueled by major corporations. All of this will transform finance just as the internet transformed media and commerce in the early 2000s,” wrote Hogan on X.
The investor mentioned two companies that, in his view, could accelerate the adoption of blockchain in traditional finance. One is Hyperliquid—a layer-1 blockchain built for perpetual crypto derivatives. According to Hogan, investors initially used Hyperliquid to speculate on Bitcoin and Ethereum, but the blockchain quickly expanded into other markets. Hogan noted that nearly half of Hyperliquid’s trading volume now comes from traditional assets: oil, silver, and the S&P 500, with further growth into spot commodities, prediction markets, and options.
Despite the crypto winter, the HYPE token has risen 146% this year, the investor noted. Hyperliquid plans to generate $800 million this year and use 99% of this revenue to repurchase its own HYPE tokens on the open market, reducing supply. Hogan forecasts that the HYPE price could double from its current level of $58.
The head of Bitwise also mentioned the brokerage firm Robinhood, whose CEO Vlad Tenev believes that tokenization will absorb the entire global financial system. Hogan praised the company for launching Robinhood Chain, a layer-2 solution that enables people in 120 countries (excluding the U.S.) to trade tokenized stocks 24/7. Hogan noted that over the past two weeks, the Robinhood Chain network processed over $300 million in deposits and approximately 3.6 million transactions per day. He added that, at this early stage, most of the network’s activity has been driven by memecoins rather than stocks.
"I suspect the upcoming bull trend in the crypto market will be quite strong. I am optimistic about major cryptocurrencies—Bitcoin, Ethereum, and Solana—as well as stocks of crypto companies," said the Chief Investment Officer at Bitwise.
Previously, Hogan named the most undervalued cryptocurrency, in his view—the native HYPE token of the Hyperliquid platform. The investor also believes that traders should not place too much emphasis on short-term fluctuations of Bitcoin or try to identify its bottom.