Matt Hougan, Chief Investment Officer at Bitwise, expects the upcoming cryptocurrency bull market to be spearheaded by platforms generating real revenue and by deeper integration with traditional finance, rather than solely by speculation. Hougan outlined his views in a recent market analysis, drawing attention to two platforms he believes are pivotal: Hyperliquid and Robinhood.
Hyperliquid expands beyond crypto derivatives
Hyperliquid, which initially operated as a cryptocurrency derivatives exchange, has evolved into a multifunctional Layer 1 blockchain platform. According to recent data, roughly half of Hyperliquid’s current trading activity now includes exposure to traditional assets such as oil futures, silver, and the S&P 500, marking a significant expansion from digital assets to legacy markets.
In June, Hyperliquid surpassed $1 billion in cumulative revenue and is predicting annual earnings of $800 million for 2026. The platform’s protocol is structured to use 99% of these revenues for HYPE token buybacks, a strategy that has introduced deflationary pressures and strong support for the token’s price.
This mechanism appears to be effective: the value of HYPE has increased by about 146% in 2026, far outpacing many other digital assets during the same period.
Hougan also identified other protocols—namely Uniswap, Aave, and Morpho—as adopting similar models for sharing revenue with token holders.
Mini dictionary: Hyperliquid is a blockchain-based platform that started as a derivatives exchange and has transitioned to a Layer 1 blockchain supporting a range of asset classes, including both digital and traditional financial instruments.
| Platform | Revenue Model | 2026 Revenue/Projection | Key Feature |
|---|---|---|---|
| Hyperliquid | Token buybacks | $800 million (projected) | TradFi and crypto assets |
| Uniswap | Fee distribution | Not specified | Decentralized exchange |
| Aave | Protocol fees | Not specified | Lending platform |
| Morpho | Yield enhancement | Not specified | DeFi optimization |
Robinhood Chain opens global access to tokenized trading
Robinhood, a commission-free trading platform known for popularizing equity trading among retail investors, launched its proprietary Layer 2 blockchain, Robinhood Chain, on July 1. The network supports 24/7 access to tokenized equities and is available to users in 120 countries, bringing traditional stocks to the blockchain sector.
In just 14 days, Robinhood Chain has attracted more than $300 million in user deposits and processed an average of 3.6 million transactions daily. The new blockchain integrates with decentralized finance applications including Uniswap and Morpho, broadening its utility for users.
Although early user activity has largely centered on meme coin trading rather than tokenized equities, Hougan suggested that trading in equities is likely to grow as adoption widens.
Mini dictionary: Robinhood is an American financial services company that provides commission-free trading of stocks, exchange-traded funds, and cryptocurrencies, now expanding into blockchain infrastructure with Robinhood Chain.
Bitcoin sees renewed demand amid institutional interest
Beyond these two platforms, Hougan called attention to major institutions such as Coinbase and BlackRock, as well as financial giants including Visa, Stripe, and JPMorgan, who are also increasing their activity within blockchain and digital assets.
Bitcoin has recorded a 9% price rise through July, contrasting with a 6% fall in the Nasdaq-100 over the same period. Hougan interprets this outperformance as a sign of improving sentiment for digital assets.
A key demand indicator for Bitcoin—measuring the difference between newly mined coins and coins held dormant for over a year—is also improving. Andre Dragosch, Bitwise’s European research lead, described this trend as “re-accelerating.”
Recent data shows that fund inflows into Bitcoin exchange-traded funds have turned positive after a period of withdrawals, suggesting renewed interest from professional investors.
Hougan remains optimistic about the sector, projecting that the next bull market will be broad enough to benefit much of the industry, including Bitcoin, Ethereum, and Solana.
Still, he cautioned that closer integration with traditional finance brings additional risks—such as heightened exposure to overall economic trends and shifting regulatory requirements.
