Crypto Bull Market Signals Emerge as Hyperliquid and Robinhood Push Finance Onchain

Bitcoin Recovery Sparks New Crypto Bull Market Debate

Crypto markets are showing early signs of renewed strength, with bitcoin gaining while technology stocks declined, according to Bitwise Chief Investment Officer Matt Hougan.

In a July 22 market commentary, Hougan noted on X that bitcoin rose 9% since July 1 while the Nasdaq-100 fell 6%. He also pointed to improving sentiment and stronger ETF flows, while warning that the market has not received a confirmed bottom.

The executive believes the next crypto cycle will focus on the convergence of blockchain technology and traditional finance rather than another cycle driven mainly by speculation. He described:

“The next crypto bull market will be about stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi scaling to the trillions, disrupting finance the way the internet disrupted media and shopping in the early 2000s.”

The Bitwise CIO said blockchain infrastructure offers advantages including faster settlement, global access, and continuous markets. However, he noted that many investors remain focused on whether crypto has recovered instead of preparing for a broader shift in financial markets.

Earlier Bitcoin Outlook Focused on Institutional Demand

Hougan’s latest comments build on his previous view that institutional adoption will drive crypto’s next phase. He has argued that bitcoin ETF demand could tighten available supply as more investors gain exposure through traditional financial products.

The Bitwise executive has also pointed to broader market forces supporting a potential crypto recovery, including improving market structure, institutional participation, and growing demand from traditional investors through nine forces aligning for a crypto bull run.

He has also argued that geopolitical uncertainty could increase bitcoin’s appeal as a global asset, outlining how geopolitical chaos could push bitcoin higher as investors seek alternatives to traditional financial systems.

Hougan has challenged crypto narratives focused mainly on blockchain capacity, arguing that adoption will depend on practical financial use cases. His views on the commodity blockspace thesis reflect his focus on real-world utility.

Hyperliquid and Robinhood Represent Two Sides of Onchain Finance

Hougan identified Hyperliquid and Robinhood as two companies approaching the crypto-finance convergence from different directions. He wrote:

“So how should you start positioning for the new bull market? By looking at two entities that are leading this convergence from opposite sides: Hyperliquid (HYPE) and Robinhood (HOOD).”

Hyperliquid represents the crypto-native approach. The Layer 1 blockchain began with perpetual futures trading but expanded into traditional markets, including commodities and stock indexes.

Hougan said nearly half of Hyperliquid’s volume now comes from traditional assets such as oil, silver, and the S&P 500, highlighting the platform’s expansion beyond crypto markets. He pointed to its revenue model and token buybacks as examples of how blockchain applications can connect usage with value.

Robinhood represents the traditional finance side of the shift. The brokerage launched Robinhood Chain on July 1 to support tokenized stocks and decentralized finance services, showing how financial firms are moving from blockchain experiments to live products. The Bitwise CIO expects competitors and major institutions, including Blackrock, Coinbase, Figure, Visa, Stripe, and JPMorgan, to continue exploring similar infrastructure.

Investors Look toward Companies Building Financial Infrastructure

Hougan expects a broad crypto recovery could benefit major assets and publicly traded companies connected to the industry, but he believes certain categories may be better positioned. He wrote:

“I suspect the coming bull market will be big enough to lift most of the sector. I’m bullish on the majors—bitcoin, Ethereum, Solana, etc.—and on crypto equities. But there are two types of investments I think are particularly well positioned.”

Those categories include crypto applications generating real revenue and traditional companies building blockchain-based financial products. The distinction, the executive argues, will separate companies preparing for a new financial system from those simply testing blockchain concepts.

Hougan argued that the next bull market will arrive as traditional finance and crypto become increasingly connected. He stated:

“I’m as convinced as ever that the next bull market—when traditional finance and crypto become inextricably linked—is when that happens. Investors would do well to position themselves accordingly in the meantime.”

Hougan’s view is that blockchain adoption will increasingly move beyond crypto-native platforms and into broader financial markets. As tokenization, stablecoins, and blockchain settlement develop, companies building those connections could influence how financial products are created and traded.