Crypto Bull Market Signals Emerge as Hyperliquid and Robinhood Push Finance Onchain

Bitwise CIO Matt Hougan says stronger bitcoin momentum, ETF demand, and institutional adoption could signal the early stages of a new crypto bull market driven by tokenization, stablecoins, and blockchain-based financial markets.

Crypto markets are showing early signs of renewed strength, with bitcoin gaining while technology stocks declined, according to Bitwise Chief Investment Officer Matt Hougan.

The executive believes the next crypto cycle will focus on the convergence of blockchain technology and traditional finance rather than another cycle driven mainly by speculation. He described:

“The next crypto bull market will be about stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi scaling to the trillions, disrupting finance the way the internet disrupted media and shopping in the early 2000s.”

The Bitwise CIO said blockchain infrastructure offers advantages including faster settlement, global access, and continuous markets. However, he noted that many investors remain focused on whether crypto has recovered instead of preparing for a broader shift in financial markets.

Hougan identified Hyperliquid and Robinhood as two companies approaching the crypto-finance convergence from different directions. He wrote:

“So how should you start positioning for the new bull market? By looking at two entities that are leading this convergence from opposite sides: Hyperliquid (HYPE) and Robinhood (HOOD).”

Hyperliquid represents the crypto-native approach. The Layer 1 blockchain began with perpetual futures trading but expanded into traditional markets, including commodities and stock indexes.

Hougan said nearly half of Hyperliquid’s volume now comes from traditional assets such as oil, silver, and the S&P 500, highlighting the platform’s expansion beyond crypto markets. He pointed to its revenue model and token buybacks as examples of how blockchain applications can connect usage with value.

Robinhood represents the traditional finance side of the shift. The brokerage launched Robinhood Chain on July 1 to support tokenized stocks and decentralized finance services, showing how financial firms are moving from blockchain experiments to live products. The Bitwise CIO expects competitors and major institutions, including Blackrock, Coinbase, Figure, Visa, Stripe, and JPMorgan, to continue exploring similar infrastructure.

Hougan expects a broad crypto recovery could benefit major assets and publicly traded companies connected to the industry, but he believes certain categories may be better positioned. He wrote:

“I suspect the coming bull market will be big enough to lift most of the sector. I’m bullish on the majors—bitcoin, Ethereum, Solana, etc.—and on crypto equities. But there are two types of investments I think are particularly well positioned.”

Those categories include crypto applications generating real revenue and traditional companies building blockchain-based financial products. The distinction, the executive argues, will separate companies preparing for a new financial system from those simply testing blockchain concepts.

Hougan argued that the next bull market will arrive as traditional finance and crypto become increasingly connected. He stated:

“I’m as convinced as ever that the next bull market—when traditional finance and crypto become inextricably linked—is when that happens. Investors would do well to position themselves accordingly in the meantime.”

Hougan’s view is that blockchain adoption will increasingly move beyond crypto-native platforms and into broader financial markets. As tokenization, stablecoins, and blockchain settlement develop, companies building those connections could influence how financial products are created and traded.