Big breaking news late at night! Final chance to board: Bitwise CIO personally admits— the engine for the next bull market isn’t $BTC , but these two “hybrid monsters”

Buckle up, buddy.

Last Friday, an investment adviser asked me: if the market has truly bottomed out, what will lead the next bull market?

If it were past years, I couldn’t answer this kind of question—because you can only see the main storyline of each bull cycle once it has already played out. But this time, the answer is right in front of you, like lice on a bald head.

There’s only one core narrative: the convergence of on-chain finance and traditional finance.

More specifically: stablecoins, asset tokenization, 24/7 trading, instant settlement, and institutional-grade DeFi scaling up into the tens of trillions of dollars. Blockchains will disrupt existing finance the way the internet once wiped out media and retail.

This is likely to be the largest cyclical cycle in the history of crypto, for two reasons.

First, the driving force behind this market isn’t hype—it’s real application value and revenue. Second, the target is bigger than any previous cycle—aiming at global financial markets, not the small puddle inside the crypto community.

Some people think all this is common knowledge: asset tokenization will inevitably lead the bull market, the stablecoin market cap will eventually break through $100 billion, and Wall Street will eventually move on-chain. Yeah—crypto financial infrastructure is way stronger than traditional finance: 24-hour trading is more convenient than limited trading hours, instant settlement is way better than T+1, and global interoperability crushes regional constraints.

Not just me. The Chair of the U.S. SEC, the CEO of the world’s largest asset manager, and the CEO of the world’s largest bank all agree.

What’s strange is that most investors haven’t positioned themselves around this outlook at all. Many are still asking: has crypto already run out of steam?

That gap in perception is your gold mine.

So how do you position yourself? Look at both ends: Hyperliquid ($HYPE ) charging out of crypto, and Robinhood ($HOOD) slicing into traditional finance.

First, Hyperliquid. It’s a Layer 1 chain, natively positioned as a crypto derivatives exchange. At the beginning, users used it to trade $BTC and $ETH—but the technical experience was so good that it blew the lid off everything—fast execution, instant settlement, and 24/7 trading—so the business footprint directly exploded.

Now nearly half of Hyperliquid’s trading volume comes from traditional assets like oil, silver, and the S&P 500 index. They’re also building out commodity spot, prediction markets, and options—directly competing with CME Group, Nasdaq, Intercontinental Exchange, Kalshi, and Coinbase for “lunch.”

CME Group got anxious and went to sue the CFTC, trying to stop regulators from accepting the perpetual futures product that Hyperliquid is pushing.

Even in the crypto winter, $HYPE’s gain within the year is already 146%. The growth has real data behind it: cumulative total revenue surpassed $1 billion in June, and full-year revenue is expected to be $800 million. 99% of revenue is used to buy back and burn the native token $HYPE, continuously shrinking supply.

My take: even if $HYPE doubles again, the valuation is still reasonable.

Next, Robinhood. It stands on the side of traditional finance and pushes convergence. It’s an established brokerage, competing with Charles Schwab for retail and professional investors. Its stance on crypto has always been more open than its peers—it was the first major brokerage to launch direct crypto trading.

CEO Vlad Tenev said: asset tokenization “will ultimately reshape the entire financial system”; crypto and traditional finance “may each play their own game for the long run, but they will ultimately fully merge,” and the boundaries will disappear.

On July 1, Robinhood doubled down and launched its self-developed L2 chain, Robinhood Chain. Available to 120 countries (not including the U.S. for now), users can trade tokenized stocks 7×24 hours a day, and on-chain they can also use DeFi protocols like Uniswap, Morpho, and Lighter.

Two weeks after launch, on-chain custody assets surpassed $300 million, with 3.6 million trades processed per day.

Look closely: just by launching a public chain, people in 120 countries can trade tokenized stocks in real time, lever up, do margin—so many people are already playing.

Skeptics will say: early trading volume was mostly meme coins, not stocks. True. But trading volume for tokenized stocks already has real scale—users are genuinely there. Both types of trading volume will keep rising.

I’m certain about one thing: every competitor of Robinhood is watching this project, thinking—should we also build a Schwab chain, a UBS chain, an American bank chain?

With the bull market’s scale being large enough to lift most assets, it can drive many assets upward. I’ve long been bullish on $BTC, $ETH, $SOL, and crypto-related listed companies. But two categories of targets stand out for especially strong upside potential.

The first category: the Hyperliquid track—native crypto financial applications with real revenue and strong token economics.

The core advantage is “stable income + buyback and burn.” Many applications have lots of users and high trading volume, but token prices just sit there. Hyperliquid’s model is exactly made for investors like that. Over the long run, many new projects will imitate $HYPE’s token mechanisms, creating a batch of new opportunities.

I’m also watching mature projects that already have scale and are binding token value tightly to usage depth—like Uniswap and Aave. Their scale is massive and they’re rapidly optimizing token economics. Morpho is also moving in the same direction.

The second category: the Robinhood track—traditional companies building business on top of crypto infrastructure.

Industry disruption will rewrite market share. The widespread adoption of stablecoins, asset tokenization, and the deployment of blockchain trading infrastructure are the biggest technology changes in the financial markets over the past 50 years.

To find winners, focus on companies that have already scaled up crypto business—don’t listen to concept pilots. Pilots are cheap and make headlines easily, but they don’t accumulate real experience. Robinhood’s public chain operating officially across 120 countries is worth more than any small pilot.

The list I keep tracking: Coinbase, Figure, BlackRock, Visa, Stripe, and even JPMorgan. These companies are genuinely jumping into this transformation.

There’s an old consensus in the crypto space: the biggest success of blockchain is “invisibility” at the technology level—it embeds into the bottom layer of the financial system so users can’t even feel that it exists.

I’ve always believed that this vision will come true when the next bull market arrives and traditional finance and crypto become inseparable.

What investors need to do is to secure your position early—now.

Remember: look at what a company is doing in the crypto space, not what it says.

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