Bitwise CIO Names 2 Crypto Bets Best Positioned for the Next Bull Market
Bitwise CIO Matt Hougan named two crypto “bets” for a next bull market, focusing on revenue-generating onchain apps and firms building blockchain rails. He cited Hyperliquid (HYPE), targeting about $800M annual revenue and HYPE buybacks, and noted HYPE up about 146% this year. He also referenced Uniswap (UNI) and Aave (AAVE).
How this was made
The 30-second read
Why it matters
The piece is primarily a thematic positioning call. It includes some concrete figures for Hyperliquid (revenue estimate, buyback behavior, YTD performance) and a specific product milestone for Robinhood (blockchain launch date), but it does not disclose new regulatory, financial, or operational events for most named assets.
Market read
Traders may use the article for sentiment and thematic flow, but it lacks new, decision-grade catalysts for most tickers beyond the cited HYPE metrics and Robinhood’s chain traction claim.
What to watch
The article provides no risk controls, regulatory constraints, or token unlock/issuance details; those can overwhelm tokenomics narratives during cycle transitions.
Background
Bitwise CIO Matt Hougan outlines two “lanes” for the next crypto bull market: revenue-generating tokenomics (example HYPE) and established TradFi-linked crypto platforms (example Robinhood).
Ticker impact
Bitwise CIO Matt Hougan cites Hyperliquid’s model, including near $800M annual revenue and buybacks of HYPE, as a next-bull-market bet.
Likely modest sentiment support for HYPE, but no new tradable catalyst beyond the CIO’s commentary.
The piece provides specific figures (revenue estimate, buyback behavior, YTD climb) but is still an opinion-led “best positioned” call rather than a new operational disclosure.
Hougan names Uniswap as an existing protocol moving toward tying token value to usage, positioning it for a future bull market.
Limited near-term impact; more likely a sentiment tailwind than a fundamental re-rating trigger.
The article does not disclose a new UNI-specific event, only that UNI is moving toward a concept (token value tied to usage) without fresh metrics or dates.
Hougan also flags Aave as a protocol moving toward token value tied to usage, as part of his “onchain meets TradFi” convergence thesis.
Low incremental trading value; may attract thematic flows but lacks a concrete catalyst.
No new Aave product, governance change, financial datapoint, or regulatory/legal event is provided.
Morpho is named by the Bitwise CIO as another protocol moving toward token value tied to usage for the next bull market.
Minimal immediate price impact expected from this article alone.
The text provides no Morpho-specific update beyond being “flagged” within the thesis.
Robinhood launched its own blockchain on July 1, and Hougan cites growth and top-5 DEX volume days as evidence of scaling potential.
Moderate sentiment support for HOOD, but the piece is still commentary without new quantitative guidance.
It includes a concrete product milestone (chain launch date) and a performance claim (top-5 DEX volume days), but does not provide new HOOD financials or a fresh operational update beyond what was already reported by BeInCrypto.
Hougan flags Coinbase as having “real exposure” to his next bull market thesis, alongside other established firms.
Low incremental impact; likely limited to broad crypto beta sentiment.
No new Coinbase action, filing, product change, or metric is disclosed in the article.
BlackRock is listed by Hougan as having real exposure to crypto, but the article does not disclose any new BlackRock action.
Negligible incremental trading value.
No new BlackRock-specific disclosure is provided.
Hougan reiterates bullishness on Bitcoin as the broad base for any rally, framing it as part of the next cycle setup.
Potential marginal sentiment support for BTC, but no new BTC-specific catalyst is introduced.
This is a reiteration of bullishness rather than a new BTC event, data point, or policy/regulatory change.
Market effects
Reinforces the “tokenomics tied to usage” and stablecoin/tokenization convergence narrative, which can influence altcoin and DeFi sentiment.
No clear regional-specific impact described.
Broad crypto-cycle framing could affect global risk appetite for liquid crypto and DeFi tokens.
Counterpoint
Token buyback and revenue claims may not translate into sustained token demand if broader liquidity tightens or if meme-coin activity dominates early on-chain usage.
Key entities
- personMatt Hougan
Bitwise Chief Investment Officer who named crypto bets for the next bull market.
- companyHyperliquid
Layer 1 and perpetual futures platform cited as a tokenomics model for HYPE.
- companyRobinhood
Launched its own blockchain on July 1, cited for DEX volume growth.
