- Matt Hougan said blockchain and traditional finance convergence could shape the next crypto bull market through tokenization and DeFi.
- Hougan highlighted Hyperliquid and Robinhood as leaders expanding blockchain services with growing revenue, users, and trading activity.
- Bitwise also identified firms like Coinbase, BlackRock, Visa, Stripe, and JPMorgan as advancing blockchain infrastructure.
Bitwise Chief Investment Officer Matt Hougan said the next crypto bull market could center on the growing connection between blockchain networks and traditional finance. Writing after Bitcoin gained 9% since July 1 while the Nasdaq-100 fell 6%, Hougan pointed to improving ETF inflows and market sentiment as early signs of stabilization. He identified Hyperliquid and Robinhood as examples of that trend.
Hougan Points To Crypto And Finance Convergence
According to Hougan, the next phase of crypto growth will focus on stablecoins, tokenization, instant settlement, 24/7 trading, and institutional decentralized finance. He said those technologies increasingly attract major financial institutions because they improve speed and market access.
Hougan noted that many investors still question crypto’s future despite growing institutional support. He said that disconnect creates interest around projects already building financial infrastructure on blockchain networks.
He added that Hyperliquid represents the crypto-native side of that transition. Meanwhile, Robinhood reflects how traditional financial firms are expanding into blockchain-based services.
Hyperliquid And Robinhood Expand Their Networks
According to Hougan, Hyperliquid started as a Layer 1 blockchain supporting perpetual crypto derivatives. However, nearly half of its trading volume now comes from conventional assets, including oil, silver, and the S&P 500.
He said the platform continues expanding into spot commodities, options, and prediction markets. Hougan also noted that Hyperliquid expects about $800 million in annual revenue while directing 99% toward buying HYPE tokens.
Meanwhile, Robinhood launched Robinhood Chain on July 1. According to Hougan, the Layer 2 network allows users in 120 countries to trade tokenized stocks around the clock.
He added that users can also access decentralized finance applications, including Uniswap, Morpho, and Lighter. Within two weeks, Robinhood Chain held more than $300 million in deposits while processing 3.6 million daily transactions.
Hougan Highlights Projects And Companies
Hougan said projects generating real revenue while linking token value to platform activity could attract investor attention. He specifically mentioned Hyperliquid, Uniswap, Aave, and Morpho.
He also identified companies actively building blockchain infrastructure. According to Hougan, Robinhood, Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan continue expanding blockchain-related services alongside traditional financial operations.
