Hyperliquid and Robinhood Fuel Crypto's Next Rally, Says Bitwise CIO

Bitwise CIO Matt Hougan has identified Hyperliquid and Robinhood as catalysts for Bitcoin's next rally. According to Hougan, revenue-producing platforms like Hyperliquid are driving growth in the crypto market.

Hyperliquid has seen a 146% surge this year, with projected annual revenue reaching $800 million. The platform, which initially launched as a derivatives exchange, now accounts for half of its trading activity involving traditional assets such as oil futures and silver exposure.

The protocol allocates 99% of its revenues toward HYPE token buybacks, creating deflationary pressure and price support. This approach has been successful, with the HYPE token surging approximately 146% during 2026.

Roger that, Hougan also highlighted Uniswap, Aave, and Morpho as protocols adopting comparable revenue-sharing token economics.