TradFi-Crypto Convergence Sparks Next Bitcoin Bull Market Hopes

Bitwise chief investment officer Matt Hougan believes that the next major upside cycle in Bitcoin will be driven by deeper integration between traditional finance (TradFi) and cryptocurrency. Hougan argues that platforms like Hyperliquid, which allows for 24/7 trading of conventional assets like oil and silver alongside cryptocurrencies, are bridging the gap between TradFi and crypto.

Hougan points to Hyperliquid's growing volume in conventional assets as a sign of broader convergence between TradFi and crypto. He also highlights Robinhood's push into crypto infrastructure as another example of how legacy finance is becoming more connected to crypto market dynamics.

According to Hougan, the next bull market will be big enough to lift most of the sector, not just the most narrative-driven names. He remains bullish on major assets like Bitcoin, Ethereum, and Solana, while also expressing optimism about crypto equities.