Bitwise CIO Matt Hougan predicts the next crypto bull market will be driven by two investment categories he calls the 'Hyperliquid Lane' and the 'Robinhood Lane'. Hougan says the market is currently in a waiting period, but these two lanes will power the next rally. His comments come as the industry looks for the next catalyst after a period of mixed sentiment.
The Hyperliquid Lane
This lane includes crypto financial applications with strong tokenomics that link token value directly to platform activity. Hyperliquid is the prime example. The platform has built a large derivatives exchange that has expanded beyond crypto into traditional markets. Hyperliquid surpassed $1 billion in lifetime revenue in June and is on pace to generate about $800 million this year. Its token model uses 99% of protocol revenue to buy back HYPE tokens on the open market, reducing supply. That structure creates a direct feedback loop between platform usage and token value.
The Robinhood Lane
The second lane consists of existing companies actively building financial services on blockchain infrastructure. Robinhood's Layer 2 blockchain, launched on July 1, is the standout. Within two weeks, Robinhood Chain accumulated more than $300 million in deposits and processed 3.6 million daily transactions. That's real scale, not a proof-of-concept. Hougan argues that companies experimenting with crypto at this level are better positioned than those running small pilot projects.
Waiting for the green light
Hougan notes improving sentiment, positive ETF flows, and Bitcoin's recent performance as signs of recovery. But he says it's too early to declare a full market recovery. The market is in a holding pattern, waiting for the next big move. The two lanes he outlines offer a roadmap for where that move might come from — either from tokenized financial apps with strong revenue models or from established fintech firms bringing blockchain to their existing user base.
