Bitwise Chief Investment Officer Matt Hougan has identified Hyperliquid (HYPE) and Robinhood (HOOD) as leading projects positioned at the intersection of blockchain technology and traditional finance, a convergence he believes could define the next cryptocurrency bull market. Bitwise is among the largest crypto-focused asset managers in the United States, overseeing spot Bitcoin and Ethereum ETFs alongside index funds, which gives Hougan's macro outlook significant weight among institutional allocators tracking digital assets.

Crypto and Traditional Finance Convergence

Writing after Bitcoin gained 9% since July 1 while the Nasdaq-100 declined 6%, Hougan pointed to improving ETF inflows and market sentiment as early indicators of stabilization. He argued that the next phase of crypto growth will center on stablecoins, tokenization, instant settlement, 24/7 trading, and institutional decentralized finance — technologies that are increasingly attracting major financial institutions by improving transaction speed and market access. These themes have gained traction as global banks, payment processors, and asset managers move beyond exploration into live product launches, accelerating competitive pressure across the financial services sector.

Hougan observed that many investors continue to question crypto's long-term trajectory despite mounting institutional support. That disconnect, he said, has generated interest in projects already building functional financial infrastructure on blockchain networks.

Hyperliquid represents the crypto-native dimension of this transition, while Robinhood illustrates how established financial firms are expanding into blockchain-based services.

Hyperliquid's Expanding Asset Coverage

Hyperliquid originated as a Layer 1 blockchain supporting perpetual crypto derivatives. However, Hougan noted that nearly half of its trading volume now comes from conventional assets, including oil, silver, and the S&P 500. The platform is continuing to expand into spot commodities, options, and prediction markets. The broadening of on-chain trading into traditional asset classes reflects a wider industry push toward tokenized exposure to real-world instruments, a category that firms such as BlackRock have also entered with tokenized fund products.

Hougan also highlighted that Hyperliquid expects approximately $800 million in annual revenue, with 99% directed toward buying back HYPE tokens.

Robinhood's Blockchain Push

Robinhood launched Robinhood Chain on July 1, a Layer 2 network that enables users across 120 countries to trade tokenized stocks around the clock. Users can also access decentralized finance applications through the platform, including Uniswap, Morpho, and Lighter. The launch positions Robinhood alongside other retail brokerage and fintech platforms racing to offer tokenized equities, a market that has drawn growing interest from international users seeking fractional access to U.S. markets.

Within two weeks of launch, Robinhood Chain held more than $300 million in deposits and was processing 3.6 million daily transactions, according to Hougan.

Projects and Companies Building Blockchain Infrastructure

Hougan emphasized that projects generating real revenue while linking token value to platform activity are likely to draw investor attention. He specifically cited Hyperliquid, Uniswap, Aave, and Morpho as notable examples.

He also identified a broader group of companies actively advancing blockchain infrastructure alongside their traditional financial operations, including Robinhood, Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan. The breadth of that list — spanning crypto exchanges, payments networks, asset managers, and global banks — underscores how blockchain integration has shifted from an experimental initiative to a competitive priority across multiple layers of the financial system.