# Bitwise Reveals Key Theme of New Crypto Bull Market Hyperliquid and Robinhood lead the convergence of traditional finance and blockchain. - **Source:** [INCRYPTED](https://brifing.si/source/7cd4625d-3f08-4cc1-983d-4c7d991839ba) - **Published:** 2026-07-23 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/0e876af6-1ae9-41b3-80c6-9365407f82e9 ## Dynamics of the New Bull Market Bitwise CIO Matt Hougan predicts the next crypto bull market will be driven by the integration of traditional finance with blockchain infrastructure. This era will see tokenization, 24/7 trading, and institutional DeFi scaling to trillions in volume. ## Hyperliquid's Transformation Hyperliquid has evolved from a crypto perpetuals platform to a hybrid exchange where nearly half of trading volume comes from traditional assets like oil and S&P 500. Its tokenomics model directs 99% of revenue to buy back HYPE tokens, reducing supply. ## Robinhood's Blockchain Play Robinhood launched its Layer 2 blockchain, Robinhood Chain, providing users from 120 countries access to tokenized stocks with 24/7 trading. The network processed 3.6M daily transactions and reached top 5 DEX rankings within weeks. ## Token Economics and Value Appreciation HYPE token hit record highs above $74, entering the top 10 cryptocurrencies by market cap. Analysts project potential growth beyond $300 by 2028, while its ETF debut became one of crypto's most successful fund launches. ## Winners of the Transition Hougan identifies two types of companies poised to benefit: crypto projects with real revenue like Uniswap, and traditional finance firms embracing blockchain like Coinbase. This integration represents a fundamental reshaping of financial architecture. ## Finance's Silent Revolution Hougan argues blockchain's ultimate success will come when it becomes invisible - fully embedded in financial infrastructure. The coming bull market may mark when traditional and crypto finance finally merge into a unified system. ## Sources covering this story - https://incrypted.com/bitwise-nazvala-glavnuju-temu-novogo-bychego-tsykla/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._