Bitwise Chief Investment Officer Matt Hougan believes the next major crypto bull market could be fueled by the growing integration of blockchain technology into traditional finance. As the market shows signs of stabilizing, he says investors should focus on two categories of opportunities that may lead the next wave of growth.
In a recent market update, Hougan described these themes as the “Hyperliquid Lane” and the “Robinhood Lane.”
Hyperliquid Style Protocols Could Drive the Next Cycle
Hougan expects the next stage of the crypto market to be shaped by the increasing adoption of stablecoins, tokenization, around the clock trading, instant settlement, and institutional decentralized finance.
Although he believes it is still too early to confirm that the market has fully recovered, improving sentiment, stronger spot Bitcoin ETF inflows, and Bitcoin’s recent price performance have prompted investors to look ahead to what could power the next bull run.
The first investment theme focuses on crypto protocols that generate substantial revenue while directly rewarding token holders through well designed tokenomics.
Hougan pointed to Hyperliquid as a leading example. The decentralized trading platform has expanded beyond crypto derivatives into traditional financial markets and surpassed $1 billion in cumulative revenue in June. It is also projected to generate roughly $800 million in revenue this year.
One of the platform’s defining features is its token model, which allocates 99% of protocol revenue toward buying back HYPE tokens from the open market. By reducing the circulating supply, the strategy aims to strengthen long term value for token holders.
According to Hougan, the combination of strong revenue generation and an aggressive buyback mechanism sets Hyperliquid apart from many earlier crypto projects that attracted users but offered limited value to their token holders.
He expects more blockchain protocols to adopt similar economic models as the industry matures.
Blockchain Focused Financial Companies Also Stand to Benefit
The second investment theme centers on established financial companies that are actively integrating blockchain technology into their core businesses rather than treating it as an experimental initiative.
Hougan highlighted Robinhood as a prime example following the launch of its Layer 2 blockchain on July 1.
Within just two weeks, Robinhood Chain attracted more than $300 million in deposits and processed approximately 3.6 million transactions per day.
Hougan argued that companies deploying blockchain technology at scale are likely to gain a competitive advantage over firms that remain limited to small pilot programs. By operating real blockchain based financial services today, they are building the expertise needed to capitalize on the continued evolution of digital finance.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
