Rally

Robinhood

Hyperliquid

<h3 id="key-takeaways">Key Takeaways</h3>
<ul>
 <li>Matt Hougan, Bitwise CIO, identifies Hyperliquid and Robinhood as primary catalysts for crypto’s upcoming bull market</li>
 <li>Hyperliquid has experienced a 146% surge in 2026 with projected annual revenue reaching $800 million</li>
 <li>Robinhood Chain debuted July 1, attracting $300 million in deposits in just 14 days</li>
 <li>Bitcoin has climbed 9% throughout July while the Nasdaq-100 declined 6%</li>
 <li>Demand indicators for Bitcoin are showing renewed positive momentum, according to Bitwise analysis</li>
</ul>
The Chief Investment Officer at Bitwise, Matt Hougan, anticipates a fundamental shift in the next cryptocurrency bull market. Rather than speculative fervor powering price appreciation, he foresees revenue-producing platforms and traditional financial sector integration taking center stage.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 Matt Hougan: hyperliquid:native could double and still be fairly valued.
 crypto’s next bull market may not be about “crypto vs tradfi”
 it may be about crypto becoming the rails for tradfi.
 stablecoins, tokenized stocks, 24/7 markets, instant settlement, and DeFi are all… <a href="https://t.co/Ee9HLZlgWC" rel="noopener noreferrer nofollow">pic.twitter.com/Ee9HLZlgWC</a>
 — Hyperliquid Daily (@HYPERDailyTK) <a href="https://x.com/HYPERDailyTK/status/2080108578611053022?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2026</a>
 </blockquote>
</div>
In a Wednesday market analysis, Hougan outlined his perspective, highlighting two particular drivers: Hyperliquid and Robinhood.
<h3 id="hyperliquid-s-revenue-generation-captures-industry-attention">Hyperliquid’s Revenue Generation Captures Industry Attention</h3>
Originally launching as a cryptocurrency derivatives exchange, <a href="https://coincentral.com/hyperliquid-hype-price-why-funds-are-queuing-millions-for-withdrawal-and-what-comes-next/" rel="noopener noreferrer nofollow">Hyperliquid</a> has evolved into a comprehensive Layer 1 blockchain platform. Approximately half of its current trading activity now involves traditional assets including oil futures, silver, and S&amp;P 500 exposure.
In June, the platform achieved a milestone of $1 billion in cumulative revenue and projects roughly $800 million in earnings for the current year. The protocol allocates 99% of these revenues toward HYPE token buybacks, creating deflationary pressure and price support.
This approach has proven effective. HYPE has surged approximately 146% during 2026, substantially outperforming the wider cryptocurrency sector.
Hougan additionally highlighted Uniswap, Aave, and Morpho as protocols adopting comparable revenue-sharing token economics.
<h3 id="robinhood-chain-brings-crypto-trading-to-global-markets">Robinhood Chain Brings Crypto Trading to Global Markets</h3>
<a href="https://coincentral.com/robinhood-ceo-vlad-tenevs-x-account-hacked-to-promote-fake-memecoin/" rel="noopener noreferrer nofollow">Robinhood</a> unveiled its proprietary Layer 2 blockchain network, Robinhood Chain, on July 1. The infrastructure enables users across 120 nations to access tokenized equity trading around the clock.
In its first two weeks, the blockchain attracted more than $300 million in user deposits and facilitated 3.6 million transactions daily. The platform also provides access to decentralized finance protocols such as Uniswap and Morpho.
Hougan acknowledged that initial usage has centered on meme coins rather than tokenized securities, though he anticipates equity trading volume will expand progressively.
Looking beyond Robinhood, Hougan recognized Coinbase and BlackRock as entities with substantial blockchain engagement. He also mentioned Visa, Stripe, and JPMorgan as organizations worth monitoring.
<a href="https://coincentral.com/bitcoin-btc-price-btc-drops-to-three-day-low-as-trump-threatens-massive-attack-on-iran/" rel="noopener noreferrer nofollow">Bitcoin</a> has appreciated 9% since early July, contrasting with a 6% decline in the Nasdaq-100 during the identical timeframe. Hougan interprets this performance gap as an initial indicator of market stabilization.
Bitcoin’s apparent demand indicator, which calculates the differential between freshly mined coins and supply dormant for more than a year, is displaying signs of improvement. Andre Dragosch, Bitwise’s European research director, characterized the movement as “re-accelerating.”
Capital flows into Bitcoin exchange-traded funds have also reversed to positive territory following a stretch of withdrawals, suggesting renewed institutional participation.
<blockquote>
 Hougan maintained an optimistic outlook overall. “I suspect the coming bull market will be big enough to lift most of the sector,” he stated, expressing confidence in Bitcoin, Ethereum, and Solana.
</blockquote>
He acknowledged, however, that increased traditional finance integration introduces additional vulnerabilities, including heightened exposure to macroeconomic disruptions and evolving regulatory frameworks.
The post <a href="https://blockonomi.com/bitwise-cio-identifies-hyperliquid-and-robinhood-as-catalysts-for-bitcoins-btc-next-rally/" rel="noopener noreferrer nofollow">Bitwise CIO Identifies Hyperliquid and Robinhood as Catalysts for Bitcoin’s (BTC) Next Rally</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Bitwise CIO Identifies Hyperliquid and Robinhood as Catalysts for Bitcoin’s (BTC) Next Rally

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