- Bitwise CIO Matt Hougan believes Hyperliquid and Robinhood are among the many strongest candidates to profit from the following crypto bull market.
- He argues the following cycle can be pushed by tokenized belongings, stablecoins, institutional DeFi, and blockchain-based monetary infrastructure, fairly than pure hypothesis.
- Hougan says rising adoption by conventional monetary corporations might create a bigger and extra sustainable crypto market cycle.
Bitwise Chief Funding Officer Matt Hougan believes the following main crypto rally might look very completely different from earlier bull markets, with conventional finance taking part in a a lot bigger function in driving progress.
In a brand new market memo, Hougan argued that blockchain expertise is more and more turning into a part of mainstream monetary infrastructure by way of tokenized belongings, stablecoins, 24/7 buying and selling, immediate settlement, and institutional decentralized finance.
Fairly than relying totally on speculative demand, Hougan expects the following cycle to be supported by rising monetary exercise, real-world income, and broader institutional adoption.
Hyperliquid’s Income Mannequin Stands Out
Hougan highlighted Hyperliquid as one of many strongest crypto-native platforms positioned to profit from this transition.
Initially identified for its decentralized perpetual futures trade, the Layer 1 community has expanded into markets tied to conventional monetary belongings, together with commodities and fairness indexes.
In keeping with Hougan, Hyperliquid surpassed $1 billion in cumulative income and is projected to generate roughly $800 million this yr. He famous that the protocol makes use of 99% of its income to buy HYPE tokens on the open market, making a direct connection between platform exercise and token demand.
He additionally pointed to tasks similar to Uniswap, Aave, and Morpho as protocols strengthening the connection between community utilization and token worth.
Robinhood Pushes Additional Into Blockchain
On the standard finance facet, Hougan recognized Robinhood as one other firm effectively positioned for the trade’s subsequent section.
Earlier this month, Robinhood launched the general public mainnet of Robinhood Chain, a Layer 2 blockchain constructed utilizing Arbitrum expertise to assist tokenized monetary merchandise and real-world belongings.
The corporate additionally launched blockchain-based inventory tokens by way of its self-custody pockets in additional than 120 nations, permitting eligible customers to commerce across the clock and work together with decentralized functions.
Hougan mentioned Robinhood Chain attracted greater than $300 million in deposits and processed roughly 3.6 million each day transactions inside its first two weeks, suggesting sturdy early adoption.
Conventional Finance Continues Shifting Onchain
Past Hyperliquid and Robinhood, Hougan believes a number of main monetary establishments are positioned to profit as blockchain adoption accelerates.
He recognized Coinbase, Determine, BlackRock, Visa, Stripe, and JPMorgan as corporations with significant publicity to the rising convergence between conventional finance and blockchain infrastructure.
As extra monetary providers transfer onchain, Hougan expects competitors amongst main establishments to extend, probably accelerating the rollout of tokenized merchandise and blockchain-powered monetary providers.
Institutional Adoption May Drive the Subsequent Cycle
Hougan additionally famous that Bitcoin has outperformed the Nasdaq 100 for the reason that starting of July, whereas bettering ETF flows and market sentiment might point out the broader crypto market is stabilizing.
Though he cautioned that it stays too early to verify a brand new bull market, Hougan believes the trade’s long-term outlook is more and more supported by institutional participation and actual financial exercise fairly than hypothesis alone.
If that pattern continues, he argues the following crypto cycle could possibly be bigger and extra sturdy than earlier rallies as blockchain expertise turns into a foundational layer of the worldwide monetary system.
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