Revenue-Driven Crypto Bull Market on the Horizon

Crypto's next bull market is expected to be driven by revenue-generating platforms and integration with traditional finance, according to Bitwise CIO Matt Hougan. This shift in focus is evident from recent developments in the space.

Hyperliquid, a Layer 1 blockchain, has surged 146% in 2026 due to strong revenue and token buybacks. Robinhood's new Layer 2 blockchain attracted $300 million in deposits within two weeks, while Bitcoin gained 9% in July, signaling renewed demand and institutional interest.

Hougan expects this trend to lift most of the crypto sector but warns of risks from macroeconomic and regulatory factors.