Bitwise CIO Analyzes Signs of a Bottom in the Crypto Market, Bull Market to Be Driven by Integration of On-Chain and Traditional Finance

Bitwise Chief Investment Officer Matt Hougan analyzes that the crypto market is showing signs of a bottom, with Bitcoin rising 9% since July 1, while the Nasdaq has dropped 6%. ETF inflows have turned positive, and market sentiment is improving. Hougan believes that the next bull market will be driven by the integration of on-chain finance and traditional finance, with key areas including stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi. He suggests focusing on two types of opportunities: first, crypto-native applications like Hyperliquid (HYPE), which have real revenue and strong token economic models, with 99% of revenue used for buybacks and burns, having risen 146% this year; second, traditional financial institutions like Robinhood (HOOD), whose Layer 2 blockchain, Robinhood Chain, has attracted over $300 million in deposits in just two weeks, processing an average of 3.6 million transactions daily and supporting tokenized stocks for users in 120 countries 24/7. Hougan is optimistic about mainstream assets like Bitcoin, Ethereum, and Solana, as well as crypto stocks, while also keeping an eye on the scaling strategies of Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan in the crypto space.

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