Hougan Identifies Hyperliquid and TradFi Firms as Top Crypto Bets for Next Bull Market

Bitwise Chief Investment Officer Matt Hougan has identified two crypto investments he believes are well-positioned for the next bull market. The first is Hyperliquid, a Layer 1 blockchain with a perpetual futures trading platform that is expected to generate $800 million in annual revenue this year and has seen HYPE token climb by 146% year-to-date.

Hougan attributes Hyperliquid's success to its tokenomics, which tie token value to usage. He also names Uniswap, Aave, and Morpho as existing protocols moving toward similar tokenomics models.

The second investment Hougan backs is established companies running crypto at scale, citing Robinhood's launch of its own blockchain on July 1 as a prime example. The platform has seen notable growth in DEX volume, with the chain ranking among the top 5 days by trading volume.

Hougan remains bullish on Bitcoin, Ethereum, and Solana, which he views as the broad base for any rally, citing growing use of stablecoins, tokenization, and 24/7 trading.