Bitcoin's Price Rise Sparks Debate over New Crypto Bull Market

Bitcoin's recent price increase has sparked renewed debate about whether a new crypto bull market is emerging. According to Bitwise Chief Investment Officer Matt Hougan, stronger bitcoin momentum, ETF demand, and institutional adoption are all signs that could signal the early stages of a new bull market.

Hougan notes that the next crypto cycle will focus on the convergence of blockchain technology and traditional finance, rather than speculation-driven cycles. He believes this shift will bring advantages such as faster settlement, global access, and continuous markets.

Hyperliquid and Robinhood are two companies leading this convergence from different directions, Hougan says. Hyperliquid represents a crypto-native approach, expanding beyond crypto markets into commodities and stock indexes, while Robinhood is connecting traditional finance with blockchain-based services.