Crypto Bull Run Expected Amid Traditional Finance Integration

Bitwise CIO Matt Hougan believes that traditional finance integration and platforms generating real revenue will drive the next crypto bull run, rather than speculation. He highlights Hyperliquid and Robinhood as key players in this trend.

Hyperliquid has evolved from a derivatives exchange to a Layer 1 blockchain platform supporting both digital and traditional assets. The platform generated $1 billion in cumulative revenue by June and is on track for $800 million in annual earnings for 2026, with 99% of that going towards HYPE token buybacks.

Hougan sees this deflationary strategy as effective, citing a 146% increase in the value of HYPE over the same period. Other protocols like Uniswap, Aave, and Morpho are also adopting similar models for sharing revenue with token holders.