Key Takeaways
- Matt Hougan from Bitwise identifies Hyperliquid and Robinhood as primary drivers for crypto’s upcoming bull cycle
- Hyperliquid has experienced a 146% surge in 2026 with projected annual revenue reaching $800 million
- Robinhood Chain attracted $300 million in deposits just two weeks after its July 1 launch
- Bitcoin has posted a 9% gain throughout July as the Nasdaq-100 declined 6%
- Bitwise data indicates Bitcoin’s demand indicators are showing renewed strength
According to Bitwise’s Chief Investment Officer Matt Hougan, the upcoming cryptocurrency bull market will differ significantly from past cycles. Rather than pure speculation fueling gains, he anticipates that platforms generating actual revenue and deeper traditional finance connections will spearhead the next rally.
In a Wednesday market analysis, Hougan outlined his perspective, highlighting two primary drivers: Hyperliquid and Robinhood.
Hyperliquid’s Business Model Demonstrates Strong Performance
Hyperliquid launched initially as a cryptocurrency derivatives exchange but has evolved into a Layer 1 blockchain network. Approximately half of its current trading activity involves traditional assets such as crude oil, precious metals like silver, and the S&P 500 index.
The network achieved a milestone of $1 billion in total revenue during June and is projected to deliver approximately $800 million in revenue throughout the current year. The platform allocates 99% of these earnings toward token buybacks of HYPE, its native cryptocurrency, which decreases circulating supply and provides price support.
This approach has proven effective. HYPE has surged approximately 146% throughout 2026, despite challenging conditions across the wider cryptocurrency sector.
Hougan additionally mentioned Uniswap, Aave, and Morpho as protocols transitioning toward comparable revenue-based tokenomics structures.
Robinhood Chain Brings Crypto to a Global Audience
Robinhood introduced its proprietary Layer 2 blockchain network, named Robinhood Chain, on July 1. This platform enables participants across 120 nations to engage in round-the-clock trading of tokenized equities.
During its initial two-week period, the blockchain secured more than $300 million in user deposits and handled 3.6 million transactions daily. The platform also provides access to decentralized finance applications such as Uniswap and Morpho.
Hougan observed that while meme coins currently dominate early user activity compared to tokenized stocks, he anticipates equity trading volumes will expand with time.
In addition to Robinhood, Hougan recognized Coinbase and BlackRock as corporations with substantial blockchain involvement. He also mentioned monitoring Visa, Stripe, and JPMorgan for future developments.
Bitcoin’s performance has improved 9% from the beginning of July, contrasting with the Nasdaq-100’s 6% decline during the identical timeframe. Hougan interprets this performance gap as an initial indicator of market stabilization.
Bitcoin’s apparent demand indicator, which calculates the difference between freshly mined coins and supply dormant for more than twelve months, demonstrates improving conditions. Andre Dragosch, Bitwise’s European research director, characterized this pattern as “re-accelerating.”
Investment flows into Bitcoin exchange-traded funds have shifted positive following a stretch of withdrawals, suggesting renewed institutional participation.
Hougan expressed continued optimism about the market. “I suspect the coming bull market will be big enough to lift most of the sector,” he stated, confirming his positive outlook on Bitcoin, Ethereum, and Solana.
However, he acknowledged that increased integration with traditional financial systems introduces additional vulnerabilities, including heightened exposure to macroeconomic volatility and evolving regulatory frameworks.
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