TL;DR
- Bitwise argues that Hyperliquid and Robinhood will lead the convergence between traditional finance and blockchain in the next bull market.
- Matt Hougan (Bitwise) identified two types of winning investments: crypto applications with real revenue and TradFi companies building on blockchain infrastructure.
- Apparent Bitcoin demand shows signs of reacceleration, according to data published by the firm’s European research director.
Bitwise, one of the most influential crypto asset managers in the market, published an analysis in which its chief investment officer, Matt Hougan, projects that the next bull market will not be driven by the usual assets, but by the convergence between traditional finance and blockchain infrastructure. According to Hougan, two companies are driving that dynamic better than any other: Hyperliquid and Robinhood.
Since July 1, Bitcoin has gained 9%, while the Nasdaq-100 fell 6% over the same period. Flows into BTC ETFs turned positive again and overall sentiment is improving, although Hougan warns that it is premature to declare the end of the bear market.
— Matt Hougan (@Matt_Hougan) July 22, 2026
Hyperliquid: An Investment That Generates Real Revenue
Hyperliquid is a layer-1 blockchain originally conceived for perpetual derivatives on crypto assets. However, nearly half of its current volume corresponds to conventional assets such as oil, silver, and the S&P 500. The platform projects generating $800 million in revenue this year and allocates 99% of that figure to buying back its native token HYPE on the open market. The token has gained 146% so far in 2026, backed by clear growth metrics. For Hougan, the token could double in price and still be reasonably valued.
On the TradFi side, Robinhood launched this month the Robinhood Chain, a layer-2 network available in 120 countries that allows trading tokenized stocks 24 hours a day, 7 days a week. In its first two weeks, the chain recorded more than $300 million in deposits and processed 3.6 million transactions per day. Its CEO, Vlad Tenev, argues that tokenization “will eat the entire financial ecosystem” and that the distinction between crypto and traditional finance will ultimately disappear.
Other Key Companies According to Bitwise
Hougan also points to Coinbase, BlackRock, Figure, Visa, and Stripe as firms exposed to this transformation.
On another front, Andre Dragosch, Bitwise’s European research director, stated that apparent Bitcoin demand — the difference between newly mined BTC and supply inactive for at least one year — shows signs of reacceleration, which reinforces the thesis that the cycle bottom may be forming.
