Bitwise CIO: Hyperliquid and Robinhood lead next crypto cycle
In brief
- Bitwise CIO Matt Hougan names Hyperliquid and Robinhood as next crypto cycle leaders
- Next cycle driven by traditional and onchain finance convergence, tokenized assets, instant settlement
- Hyperliquid surpassed $1 billion cumulative revenue, directs 99% to HYPE token buybacks
- Robinhood Chain attracted $300 million deposits, processed 3.6 million daily transactions in two weeks
The infrastructure thesis
Hougan placed Hyperliquid and Robinhood at the center of a structural shift in crypto markets. Hyperliquid is a Layer 1 network that initially gained traction through its decentralized perpetual futures exchange but has expanded into markets linked to traditional assets such as commodities and equity indexes. Robinhood launched the public mainnet of Robinhood Chain on July 1, a Layer 2 network built using Arbitrum technology designed to support financial services and tokenized real world assets.
The economics backing this thesis are compelling. Hyperliquid surpassed $1 billion in cumulative revenue in June and is on track to generate about $800 million this year. The protocol directs 99% of its revenue toward purchasing HYPE tokens on the open market, creating a direct link between usage and token value. Robinhood Chain attracted more than $300 million in deposits and processed 3.6 million daily transactions within two weeks of its launch.
Broader exposure
Hougan isn't alone in seeing opportunity here. Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan all have meaningful exposure to the transition toward blockchain based financial infrastructure, according to the Bitwise executive. Robinhood also introduced stock tokens through its self custody wallet in more than 120 countries, subject to local restrictions, signaling how tokenization is moving from niche to mainstream.
Early market signals support Hougan's framing. Bitcoin has risen 9% since July 1 while the Nasdaq 100 has fallen 6%. Hougan said improving exchange traded fund flows and market sentiment may indicate that crypto is forming a bottom, though he stopped short of calling a definitive market inflection.
"the next crypto cycle will be driven by the convergence of traditional and onchain finance, including stablecoins, tokenized assets, round the clock trading, instant settlement, and institutional decentralized finance" — Matt Hougan, Bitwise Chief Investment Officer
The thesis rests on a simple premise: if this cycle is built on revenue and institutional adoption rather than retail hype, it could be larger and more durable than previous rallies. That's a material shift in how we think about crypto market cycles—and who captures the upside.
