Bitwise Exec: Hyperliquid and Robinhood to Lift Next Crypto Bull Market
Bitwise CIO Matt Hougan believes TradFi integrations by Hyperliquid and Robinhood will catalyze the next crypto bull market, lifting Bitcoin and other majors. Bitcoin apparent demand is re-accelerating, signaling a potential bottom as traditional and crypto markets converge.
Quick Take
Hougan highlights Hyperliquid's conventional asset trading and Robinhood's L2 network.
The convergence of TradFi and crypto could boost Bitcoin, Ethereum, and Solana.
Bitcoin's apparent demand is reversing higher, hinting at a market bottom.
Positions favoring crypto equities and major cryptocurrencies may benefit most.
Market Impact Analysis
BullishBitwise exec expects TradFi crypto integrations to drive the next bull market, lifting major cryptocurrencies.
Speculation Analysis
Key Takeaways
- Bitwise CIO Matt Hougan identifies TradFi integrations — Hyperliquid's conventional asset trading and Robinhood's L2 — as the next bull market driver.
- Nearly half of Hyperliquid's volume now comes from traditional assets like oil, silver, and the S&P 500.
- Robinhood Chain, a layer-2 network, could catalyze widespread crypto adoption among legacy finance users.
- Bitcoin apparent demand is reversing higher, suggesting a market bottom is forming.
- Major cryptocurrencies (Bitcoin, Ethereum, Solana) and crypto equities are best positioned for the coming rally.
What Happened
Bitwise CIO Matt Hougan published a blog post outlining why the next crypto bull market will be driven by traditional finance integrations. He highlighted two key players: Hyperliquid, a decentralized exchange where nearly half of trading volume is now in conventional assets like oil, silver, and the S&P 500; and Robinhood, which is launching a layer-2 network called Robinhood Chain. Hougan believes these developments—bridging crypto's 24/7 trading and tokenization with traditional markets—will draw new capital and lift major cryptocurrencies, signaling that Bitcoin is already showing signs of a bottom.
The Numbers
Hyperliquid's shift is stark: conventional assets account for almost 50% of its volume. On Binance, daily Bitcoin outflows hit 9,000 BTC—a sign investors are moving coins to cold storage. Meanwhile, Bitcoin's apparent demand (the difference between newly-mined supply and coins inactive for over a year) is reversing higher after months of decline. These data points suggest accumulation and a turning tide in market sentiment.
Why It Happened
The convergence has been brewing as crypto platforms mature and traditional firms seek growth. Hyperliquid proves that tokenized real-world assets can attract significant trading volume, while Robinhood's layer-2 chain aims to offer seamless crypto access to its massive user base. This two-way bridge—crypto offering TradFi assets and TradFi offering crypto rails—expands the total addressable market. Hougan argues this influx of new participants and capital is the catalyst that will ignite a broad-based bull run.
Broader Impact
If this convergence accelerates, it could reshape market structure—enabling instant, 24/7 settlement for stocks, commodities, and more via blockchain. Regulatory frameworks may adapt, and institutional flows into crypto could surge. The trend benefits not just Bitcoin but the entire ecosystem, especially platforms like Ethereum and Solana that power these applications.
What to Watch Next
- Watch Hyperliquid's product expansion into options and prediction markets—further TradFi volume could validate the thesis.
- Monitor Robinhood Chain's mainnet launch and user growth to gauge retail appetite.
- Track Bitcoin's apparent demand indicator for sustained positive readings, confirming the bottom.
This article is for informational purposes only and does not constitute financial advice.
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