Hyperliquid and Robinhood Fuel Next Crypto Bull Market, Says Bitwise CIO

Bitwise CIO Matt Hougan believes traditional finance will fuel the next crypto bull market. He points to two firms, Hyperliquid and Robinhood, as leaders in this convergence.

Hougan thinks that Bitcoin is showing signs of a bottom, but he's not looking at it as the driver for the next rally. Instead, he says to look at how traditional assets are crossing into crypto. He cites Hyperliquid, which has seen its volume increase with the addition of spot commodities, prediction markets, and options.

Rohinhood's Chain is also mentioned by Hougan as a force that could pull more users into crypto. He expects a broad lift in the sector if he is right, naming Bitcoin, Ethereum, Solana, and crypto-linked equities as his favorites. This optimism is not new for him, as he previously said the end of the crypto winter was close back in February.

A Bitwise colleague spotted a supporting signal for Bitcoin demand re-accelerating. However, skeptics urge caution on the timing, expecting the downturn to drag on for months.