According to reports from BeInCrypto, Bitwise Chief Investment Officer Matt Hougan has identified two key crypto investments positioned for the next bull market cycle. The CIO emphasized that these picks are driven by the convergence of onchain and traditional finance, with stablecoins, tokenization, and around-the-clock trading leading the cycle's momentum. As noted by Scott Melker, Hougan expects the next crypto bull market to be fueled by tokenization, stablecoins, and Wall Street embracing onchain solutions, highlighting emerging trends expected to shape the digital asset ecosystem's next phase. Hougan believes this cycle could be the largest crypto cycle ever, driven by real application value and revenue targeting the global financial market rather than just the crypto industry internally.
As reported by BeInCrypto, Hougan's first investment lane focuses on crypto applications with real revenue and tokenomics that tie token value to usage. He highlighted Hyperliquid (HYPE) as the exemplary model, which operates a Layer 1 blockchain hosting a perpetual futures trading platform. The platform has cumulative total revenue surpassed $1 billion in June with projected annual revenue of ₹6,800 crore ($800 million). Notably, HYPE has climbed about 146% this year despite the broader crypto downturn, with the platform using 99% of its revenue to buy back HYPE tokens on the open market, continuously reducing circulating supply. Hougan noted that even if HYPE's price doubles again, its valuation would still be reasonable, with the token's growth backed by real data and expanding business scope beyond crypto assets to include traditional assets like oil, silver, and the S&P 500 index.
According to BeInCrypto reports, Hougan's second investment lane targets established companies running crypto at scale rather than small pilots. He pointed to Robinhood as the clearest example, which launched its own blockchain on July 1 and has seen remarkable growth, with Robinhood Chain reaching over $300 million in assets held on the chain within just two weeks of launch. The platform processes 3.6 million transactions daily and is accessible to users in 120 countries, allowing 24/7 trading of tokenized stocks. Hougan emphasized that Robinhood is learning 10,000x more from a live chain in 120 countries than any pilot could teach it, though he acknowledged that much early activity involves meme coins rather than tokenized stocks. The platform is also compatible with major DeFi protocols, allowing users to swap assets on Uniswap, lend and borrow on Morpho, or stake assets as margin to trade perpetual contracts on Lighter.
New industry data reveals that 67 million American adults already own digital assets, challenging the narrative that crypto ownership represents a niche market. According to Ripple Chief Legal Officer Stuart Alderoty, this demographic represents a major voter bloc rather than a rounding error in political calculations. Alderoty has criticized Politico for framing crypto legislation support as only 27%, arguing that this percentage actually represents one of the country's biggest voter groups. This data point may significantly influence regulatory debates around crypto legislation and regulation, as policymakers increasingly recognize the substantial market presence of digital asset owners. As reported by BeInCrypto, Hougan also identified several other protocols moving toward token value-usage alignment, including Uniswap (UNI), Aave (AAVE), and Morpho (MORPHO).
