Blockchain Convergence Fuels Next Crypto Bull Market, Says VanEck Researcher

Matthew Sigel, VanEck's Head of Digital Assets Research, believes that the next bull market in crypto will be driven by the convergence of blockchain technology and traditional finance.

Sigel pointed to Hyperliquid as a promising example. The protocol has generated $800 million in annualized revenue and uses 99% of its revenue to repurchase HYPE tokens, reducing circulating supply.

Despite being down this year, Hyperliquid's token price has climbed roughly 146%. Sigel thinks it could still double in value while remaining reasonably valued.

Rosinhood's Layer-2 blockchain is another example of financial convergence. In just two weeks, it attracted over $300 million in deposits and processed around 3.6 million daily transactions.

Sigel also noted that crypto market sentiment has improved since July 1, with Bitcoin up about 9% while the Nasdaq-100 declined by 6%. He believes this is a sign of the market forming a bottom.