Bitwise CIO Matt Hougan Identifies Key Crypto Bets for Next Bull Market Surge
Bitwise CIO Matt Hougan outlines two core strategies for the next crypto bull run: revenue-generating on-chain apps and established TradFi firms leveraging blockchain. His thesis centers on the convergence of traditional and decentralized finance. This offers a clear roadmap for identifying high-potential assets.
Bitwise CIO Matt Hougan pinpoints two critical areas poised for significant gains in the upcoming bull market. He highlights crypto applications with robust revenue models and established finance players integrating blockchain rails. This strategy hinges on the accelerating convergence of on-chain and traditional finance, driven by stablecoins, tokenization, and 24/7 trading.
The first lane focuses on crypto apps generating real revenue with tokenomics that directly link token value to usage. Hougan cites Hyperliquid as a prime example. This Layer 1 perpetual futures platform is on track for nearly $800 million in annual revenue, almost all of which is used for HYPE token buybacks. The token has already climbed 146% this year despite broader market weakness.
Hougan suggests HYPE could double in price and remain fairly valued, predicting a new wave of crypto assets will adopt similar tokenomics. He also notes Uniswap, Aave, and Morpho are moving towards this model.
The second lane targets established companies scaling crypto operations beyond small pilots. Robinhood stands out, having launched its own blockchain on July 1. This chain has rapidly climbed into the top 5 by DEX volume. While early activity leans towards meme coins, Hougan expects stock volume and user adoption to scale significantly over time.
Other firms with substantial crypto exposure include Coinbase, Figure, and BlackRock, with Visa, Stripe, and JPMorgan on the watchlist. Hougan maintains a bullish stance on Bitcoin, Ethereum, and Solana, viewing them as the foundational base for any broad market rally.