Bitwise Chief Investment Officer Matt Hougan said Hyperliquid and Robinhood could emerge as leading beneficiaries of the next crypto bull market as traditional financial markets increasingly adopt blockchain infrastructure.
In a Tuesday market memo, Hougan argued that the next crypto cycle will be driven by the convergence of traditional and onchain finance, including stablecoins, tokenized assets, round the clock trading, instant settlement, and institutional decentralized finance.
Hougan said the shift could produce a larger cycle than previous crypto rallies because it would be supported by financial activity and revenue rather than primarily speculative demand.
He identified two categories that could benefit from the transition. The first includes crypto native financial applications that generate substantial revenue and connect token value to platform usage. The second consists of established financial companies deploying products directly on blockchain networks.
Hougan placed Hyperliquid in the first category. The Layer 1 network initially gained traction through its decentralized perpetual futures exchange but has expanded into markets linked to traditional assets such as commodities and equity indexes.
