TLDR
- Bitwise CIO Matt Hougan says Hyperliquid and Robinhood will fuel the next crypto bull market
- Hyperliquid has surged 146% in 2026 and is on track for $800 million in annual revenue
- Robinhood Chain launched July 1, pulling in $300 million in deposits within two weeks
- Bitcoin has gained 9% since July while the Nasdaq-100 fell 6%
- Bitcoin’s apparent demand metrics are turning positive again, per Bitwise data
Bitwise Chief Investment Officer Matt Hougan says the next crypto bull market will look different from previous cycles. Instead of speculation driving prices, he believes revenue-generating platforms and traditional finance integrations will lead the way.
Matt Hougan: hyperliquid:native could double and still be fairly valued.
crypto’s next bull market may not be about “crypto vs tradfi”
it may be about crypto becoming the rails for tradfi.
stablecoins, tokenized stocks, 24/7 markets, instant settlement, and DeFi are all… pic.twitter.com/Ee9HLZlgWC
— Hyperliquid Daily (@HYPERDailyTK) July 23, 2026
Hougan published his views in a market commentary on Wednesday, pointing to two specific catalysts: Hyperliquid and Robinhood.
Hyperliquid’s Revenue Model Is Turning Heads
Hyperliquid started as a crypto derivatives platform but has grown into a Layer 1 blockchain. Nearly half of its trading volume now comes from conventional assets like oil, silver, and the S&P 500.
The platform crossed $1 billion in cumulative revenue in June and is on pace to generate around $800 million this year. It channels 99% of that revenue into buying back its own token, HYPE, reducing supply and supporting the price.
The strategy has worked. HYPE is up roughly 146% in 2026, even as the broader crypto market has struggled.
Hougan also flagged Uniswap, Aave, and Morpho as protocols moving toward similar revenue-linked token models.
Robinhood Chain Expands Crypto Access Globally
On July 1, Robinhood launched its own Layer 2 blockchain, called Robinhood Chain. The network allows users in 120 countries to trade tokenized stocks 24 hours a day.
Within two weeks of launch, the chain accumulated over $300 million in deposits and processed 3.6 million daily transactions. Users can also access decentralized finance apps including Uniswap and Morpho through the platform.
Hougan noted that most early activity involves meme coins rather than tokenized equities, but he expects stock trading volume to grow over time.
Beyond Robinhood, Hougan identified Coinbase and BlackRock as companies with meaningful blockchain exposure. He also placed Visa, Stripe, and JPMorgan on his watchlist.
Bitcoin has gained 9% since the start of July, while the Nasdaq-100 has dropped 6% in the same period. Hougan sees this divergence as an early sign of market stabilization.
Bitcoin’s apparent demand metric, which measures the gap between newly mined coins and supply inactive for over a year, is also showing signs of recovery. Bitwise’s European head of research Andre Dragosch described the trend as “re-accelerating.”
Flows into Bitcoin exchange-traded funds have also turned positive again after a period of outflows, pointing to returning institutional interest.
Hougan said he remains broadly bullish. “I suspect the coming bull market will be big enough to lift most of the sector,” he wrote, adding that he is bullish on Bitcoin, Ethereum, and Solana.
He did note that deeper integration with traditional finance brings new risks, including greater sensitivity to macroeconomic shocks and regulatory changes.
