Key Insights:
- The crypto bull market could favor platforms linking real revenue with token value, Matt Hougan said.
- Hyperliquid crossed $1 billion in lifetime revenue and directs nearly all revenue toward HYPE purchases.
- Robinhood Chain launched with stock tokens and DeFi access across more than 120 countries.
Bitwise Chief Investment Officer Matt Hougan expects the next crypto bull market to center on links between blockchain networks and traditional finance. In his latest CIO memo, Matt Hougan identified Hyperliquid and Robinhood as two models positioned to benefit from that shift.
Hougan said stablecoins, tokenization, instant settlement, and round-the-clock trading may shape the next cycle. He also cautioned that the market has not fully confirmed a bottom. Bitcoin has improved since early July, while ETF flows and investor sentiment have also turned more positive.
Crypto Bull Market Thesis Centers on Financial Convergence
Hougan divided his outlook into two investment lanes. The first covers crypto applications that generate revenue and connect token demand with platform activity. The second covers established financial companies that build working products on blockchain infrastructure.
His crypto bull market thesis rests on financial services moving onto public or permissionless networks. Blockchain systems can support continuous trading, faster settlement, and global access. Hougan expects those features to attract more institutional activity as firms move beyond limited pilot programs.
Bitwise still treats Bitcoin, Ethereum, and Solana as the broad foundation of the market. Hougan placed added attention on companies and protocols that already operate at scale. He said this approach offers clearer evidence of adoption than early-stage experiments.
Hyperliquid Links Revenue Growth to HYPE Token Demand
Hyperliquid represents the crypto-native side of the strategy. The Layer 1 network supports perpetual futures and has expanded into markets linked to commodities, equities, and other traditional assets. Hougan said the platform crossed $1 billion in lifetime revenue during June, 2026.
Hougan shared an estimate via the Bitwise Weekly CIO Memo that Hyperliquid could generate about $800 million in revenue this year. Hougan also pointed to its token model, which directs 99% of platform revenue toward buying HYPE. That structure connects network use with open-market demand for the token.
Hyperliquid activity has grown while the wider derivatives market recovers from earlier losses. DeFiLlama recently placed open interest on Hyperliquid L1 near $11 billion. Rising real-world asset trading has also increased activity beyond crypto-only markets.
Hougan said other DeFi projects may adopt similar models over time. He named Uniswap, Aave, and Morpho among protocols working to connect token value with platform usage. Each project still uses different fee, governance, and distribution structures.
Crypto Bull Market Case Extends to Robinhood Chain
Robinhood represents the traditional finance side of Hougan’s outlook. The company launched the Robinhood Chain public mainnet on July 1. The Arbitrum-based Layer 2 supports tokenized assets, lending, decentralized exchanges, and perpetual futures integrations.
Robinhood also introduced stock tokens for eligible users in more than 120 countries. The products support continuous trading through Robinhood Wallet, although availability depends on local rules. Users can also interact with decentralized exchanges and lending services through integrated platforms.
Hougan said Robinhood gains practical experience by operating blockchain products at scale. Bitwise reported that the chain held more than $300 million in deposits within two weeks. Daily transactions also reached about 3.6 million during that early period.
Robinhood says it serves nearly 28 million customers across 38 countries. That distribution gives the company an existing base for expanding tokenized finance. Its stock tokens provide economic exposure but do not grant ownership rights in the underlying shares.
Hougan also named Coinbase, Figure, and BlackRock as firms with direct exposure to the same trend. Visa, Stripe, and JPMorgan remain on his watchlist as financial companies expand their use of blockchain-based payment and settlement systems.
