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Bitwise expects Hyperliquid and Robinhood ventures to lift Bitcoin

Bitwise CIO Matt Hougan said BTC is showing signs of a bottom, but the next bull market will hinge on crypto-TradFi integrations.

Reported · Written up by our desk · Market Structure

Bitwise CIO Matt Hougan said Bitcoin is “finally showing signs of a bottom,” but he expects the next crypto bull market to be driven by different catalysts than the last cycle. In a Wednesday blog post, Hougan pointed to crypto-focused integrations that bring the sector’s benefits, including 24/7 trading, into traditional finance, with an emphasis on Hyperliquid and Robinhood-related initiatives.

According to Cointelegraph, Hougan highlighted Hyperliquid’s growing activity in conventional markets, saying nearly half of its volume is in assets such as oil, silver, and the S&P 500. He added that the platform is expanding into spot commodities, prediction markets, and options.

Cointelegraph also reports that Hougan sees traditional financial competition as a key ingredient, citing the Robinhood Chain layer-2 network. He said he suspects the coming bull market could be large enough to lift most of the sector.

The outlet further noted that some traders see bottom signals, while also arguing the bear market could last several months or more, with weak spot demand remaining a focus. In an X post, Bitwise’s European head of research Andre Dragosch described a “re-accelerating” in apparent demand, a metric that compares newly mined BTC with supply inactive for at least one year.

Latest closeSilver $59.51 ▲1.1%|Bitcoin $65,497.42 ▼0.9%|S&P 500 7,509.20 ▲0.9%

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