Bitwise Chief Investment Officer Matt Hougan says bitcoin’s 9% gain since July 1, set against a 6% drop in the Nasdaq-100, is an early sign of renewed strength in crypto markets. He expects the next cycle to turn on stablecoins, tokenization, and institutional DeFi rather than speculation, and names Hyperliquid and Robinhood as the two companies leading that convergence from opposite sides.
Bitcoin gained while technology stocks declined, and Bitwise Chief Investment Officer Matt Hougan reads the split as an early sign of renewed strength in crypto markets. In a July 22 commentary on X, he noted 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.
Hougan ties the next cycle to stablecoins and tokenization
Hougan expects the next crypto cycle to focus on blockchain technology converging with traditional finance rather than on another cycle driven mainly by speculation. He placed stablecoins and tokenization at the center of that shift, writing that the next bull market will be about “stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi scaling to the trillions”.
Faster settlement, global access, and continuous markets are the advantages he attributes to blockchain infrastructure. However, he noted that many investors remain focused on whether crypto has recovered instead of preparing for a broader shift in financial markets.
Nearly half of Hyperliquid’s volume comes from traditional assets
Two companies lead that convergence from opposite sides, Hougan wrote: Hyperliquid (HYPE) and Robinhood (HOOD). Hyperliquid represents the crypto-native approach — a Layer 1 blockchain that began with perpetual futures trading before expanding into traditional markets, including commodities and stock indexes.
Nearly half of the platform’s volume now comes from traditional assets such as oil, silver, and the S&P 500, according to Hougan. He pointed to its revenue model and token buybacks as examples of how blockchain applications can connect usage with value.
Robinhood Chain launched July 1 to support tokenized stocks
Robinhood approaches the same convergence from the traditional finance side. The brokerage launched Robinhood Chain on July 1 to support tokenized stocks and decentralized finance services, a step from blockchain experiments to live products.
Beyond that, Hougan expects competitors and major institutions — including Blackrock, Coinbase, Figure, Visa, Stripe, and JPMorgan — to continue exploring similar infrastructure. Two types of investments look particularly well positioned to him: crypto applications generating real revenue, and traditional companies building blockchain-based financial products. That distinction, he argues, separates companies preparing for a new financial system from those simply testing blockchain concepts.
Source: Bitcoin News
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