Bitwise’s chief investment officer thinks the next crypto bull run won’t be sparked by meme coins or speculative mania. It’ll be driven by something far less exciting on paper: real businesses generating real revenue, both onchain and off.
Matt Hougan singled out Hyperliquid and Robinhood as the two entities best positioned to bridge decentralized finance and traditional markets, arguing their convergence should lift flagship assets like Bitcoin and Ether along the way.
The Hyperliquid thesis
Hyperliquid has quietly become one of the most compelling stories in DeFi. The onchain perpetuals exchange has carved out a dominant position in decentralized derivatives trading, but what makes it interesting to institutional investors isn’t just volume. It’s the tokenomics.
The protocol directs 99% of its revenue toward buybacks and burns of its native HYPE token. In English: almost every dollar the platform earns goes directly toward reducing token supply, which is about as shareholder-friendly as crypto gets.
