Bitcoin may be approaching the end of its latest downturn, but the forces behind the next crypto bull market could look very different from previous cycles.
Rather than relying solely on Bitcoin’s halving or institutional ETF inflows, Bitwise Chief Investment Officer Matt Hougan believes the industry’s next expansion will be fueled by the growing intersection between decentralized finance and traditional financial markets.
According to Hougan, two names stand out as early leaders of this trend: Hyperliquid and Robinhood. While they come from opposite ends of the financial ecosystem, both are working toward a future where blockchain technology powers a broader range of financial services.
Hyperliquid has rapidly expanded beyond crypto-native trading. Nearly half of its trading volume now comes from traditional assets, including oil, silver, and the S&P 500. The platform is also pushing into additional markets such as commodities, prediction markets, and options, illustrating how decentralized infrastructure is attracting demand beyond digital assets.
At the same time, Robinhood is accelerating its blockchain ambitions through its layer-2 network, aiming to bring familiar financial products onto crypto rails. Hougan sees these initiatives as evidence that traditional finance is no longer simply observing the crypto industry—it is becoming part of it.
This convergence, he argues, could create a stronger and more sustainable market cycle than previous rallies that were largely driven by speculation.
If blockchain-based financial infrastructure continues gaining traction, the benefits are expected to extend well beyond the companies leading the trend. Large-cap cryptocurrencies such as Bitcoin, Ether, and Solana, along with publicly traded crypto-related companies, could all benefit from renewed investor interest and increased adoption.
Hougan has maintained an optimistic outlook throughout 2026, repeatedly arguing that the crypto winter would end sooner than many investors expected. While market sentiment remains cautious, he believes the foundation for the next expansion is already taking shape.
Supporting that view, Bitwise researchers are beginning to see early signs of improving Bitcoin demand. Andre Dragosch, the firm’s Head of Research in Europe, recently pointed to a reacceleration in Bitcoin’s apparent demand—a metric that compares newly mined BTC with the amount of supply that has remained inactive for at least one year.
Although analysts generally agree that the broader bear market may still take months to fully unwind, improving demand metrics suggest that long-term accumulation could be returning.
Rather than focusing exclusively on Bitcoin’s price movements, investors may increasingly watch how blockchain technology integrates with traditional financial markets. If that trend continues to accelerate, the next crypto bull market could be defined less by speculation and more by the expansion of real-world financial infrastructure.
