Bitwise Chief Investment Officer Matt Hougan named 2 crypto bets he views as well-positioned for the next bull market. He pointed to revenue-generating crypto apps and established firms building on blockchain rails.

Hougan tied both bets to what he calls the convergence of onchain and traditional finance. He stated that stablecoins, tokenization, and around-the-clock trading will lead the cycle.

Bitwise’s CIO Names Best Positioned Investments for the Next Crypto Bull Market

The first lane covers crypto applications with real revenue and tokenomics that tie token value to usage. Hougan cited Hyperliquid (HYPE) as the model.

Hyperliquid runs a Layer 1 blockchain and hosts a perpetual futures trading platform. The platform is on track to generate close to $800 million in annual revenue this year. It directs almost all of that into buying back HYPE. 

Notably, this model has worked out well for the altcoin. Hougan stressed that HYPE has climbed about 146% this year despite the broader crypto downturn, citing real platform growth as the driver.

“I think the token could double in price and still be fairly valued,” he said. “Over time, I believe a new wave of crypto assets will copy HYPE’s tokenomics and introduce exciting ‘next-gen’  token opportunities.”

The executive also named Uniswap (UNI), Aave (AAVE), and Morpho (MORPHO) as existing protocols moving toward tying token value to usage.

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The TradFi Side of the Bet

The second lane covers established companies running crypto at scale rather than small pilots. Hougan pointed to Robinhood as the clearest example. 

Robinhood launched its own blockchain on July 1. BeInCrypto reported that the chain has seen notable growth and ranks among the top 5 days by DEX volume.

“Robinhood is learning 10,000x more from a live chain in 120 countries than any pilot could teach it,” Hougan noted.

However, he conceded that much of the early activity on Robinhood’s chain involves meme coins rather than tokenized stocks. The executive expects stock volume and users to scale over time

Hougan also flagged Coinbase, Figure, and BlackRock as firms with real exposure. He added Visa, Stripe, and JPMorgan to the watchlist.

The Bitwise CIO affirmed that he stays bullish on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as the broad base for any rally.

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Source: BeInCrypto