Bitwise CIO Matt Hougan predicts the next crypto bull market will be driven by TradFi-onchain convergence, citing Hyperliquid and Robinhood as early leaders.
Macro & Markets ·
Bitwise's CIO Matt Hougan has argued that the next crypto bull market will be driven by traditional finance moving onchain, powered by stablecoins, tokenization, institutional DeFi, and 24/7 trading rather than speculation. Hougan framed this shift across two dynamics: crypto-native protocols that generate revenue and direct it back to tokens—exemplified by Hyperliquid, which crossed $1 billion in cumulative revenue in June and directs 99% of that revenue into buying HYPE—and established financial services companies building on blockchain infrastructure, such as Robinhood Chain, which surpassed $3 billion in volume since going live July 1.
The thesis positions this cycle as structurally different from previous rallies because it would rest on actual financial activity and revenue rather than speculative demand, potentially producing a larger but slower expansion with less volatility. Hougan cited protocols including Uniswap, Aave, and Morpho as examples moving toward sustainable fee-to-token-demand mechanics, alongside the broader institutional wave represented by firms like Citadel moving into crypto and the DTCC launching tokenization services.
The claim reflects a consolidating view among market participants but gains weight from institutional credibility. Whether onchain financial infrastructure actually catalyzes the next major market expansion remains to be tested against real adoption and regulatory conditions.