Bitwise Exec: Hyperliquid and Robinhood Could Boost Bitcoin’s Next Bull Run

Bitcoin may be nearing a more stable trading base, but at least one prominent asset manager says investors shouldn’t pin the next major upside cycle on the same drivers that defined earlier booms. In a new write-up, Bitwise chief investment officer Matt Hougan argues that the next bull market will be powered by deeper TradFi-to-crypto integration—specifically by platforms that can bring crypto’s 24/7 trading features into mainstream financial workflows.

Hougan points to Hyperliquid’s widening footprint and Robinhood’s push into crypto infrastructure as two concrete examples. In parallel, Bitwise data cited by Hougan and a separate X post from Bitwise research head Andre Dragosch suggest that “apparent demand” for BTC may be starting to improve after a prolonged period of weakness.

Key takeaways

• Matt Hougan (Bitwise) says the next crypto bull market is more likely to be driven by TradFi integrations than by purely crypto-native catalysts.
• He highlights Hyperliquid’s growing use cases across conventional assets and product expansion as a sign of broader convergence.
• Hougan sees Robinhood-related infrastructure as another bridge that could help “lift” a wide range of crypto assets.
• Bitwise’s framework for “apparent demand” indicates BTC demand may be “re-accelerating,” even as spot demand remains a recurring concern.

Why Bitwise thinks the next cycle starts in TradFi

Hougan framed his positioning thesis around the idea that the market’s next sustained expansion will come from crypto benefits becoming easier to access for traditional investors. In a blog post published Wednesday, he asked how to begin positioning for what he expects to be a new bull market and answered with a pair of entities he believes represent convergence from opposite directions.

“By looking at two entities that are leading this convergence from opposite sides: Hyperliquid and Robinhood.”

The underlying premise is that crypto’s structure—particularly constant markets and instant settlement—creates advantages that traditional finance has historically lacked. For Hougan, the key question is not whether Bitcoin will bottom, but whether new demand channels will be able to scale once mainstream firms and familiar interfaces adopt crypto trading patterns.

On Hyperliquid, Hougan emphasized that the platform’s activity is not confined to crypto pairs. According to his description, nearly half of Hyperliquid’s volume is tied to “conventional assets like oil, silver, and the S&P 500,” and the venue is reportedly expanding into spot commodities, prediction markets, and options.

That mix matters because it signals an appetite for trading experiences that look and feel familiar while still operating with crypto-native mechanics. If those flows continue to grow, Hougan argues that the effect should reach beyond isolated tokens and instead support the broader sector.

The “rising tide” thesis for majors and crypto equities

Hougan also ties his outlook to the competitive pressure from traditional financial players entering the crypto ecosystem through infrastructure and distribution. He referenced Robinhood’s “Chain layer-2 network” as an example of how legacy finance might become more directly connected to crypto market dynamics.

“I suspect the coming bull market will be big enough to lift most of the sector.”

From there, he lays out a portfolio-style approach: he says he remains bullish on major assets such as Bitcoin, Ethereum, and Solana, while also expressing optimism about crypto equities. The common thread in his argument is that broadening participation tends to support liquidity across the market, not just the most narrative-driven names.

Hougan’s positioning aligns with his broader tone entering 2026. Earlier this year, he argued that the end of the “crypto winter” could arrive sooner than expected, and he maintained that view while markets continued to work through weakness.

BTC: “apparent demand” shows a possible reversal

While Hougan’s thesis focuses on what could power the next cycle, the day-to-day question for traders is whether Bitcoin’s demand backdrop is stabilizing. Cointelegraph previously reported that many market participants were looking for bottoming signals, but also suggested the bear phase could still have months left depending on how spot demand evolves.

In that context, the spotlight has remained on the question of whether spot buying is returning—particularly on shorter time frames where demand can appear fragile even when longer-term conditions are improving.

However, Bitwise is pointing to a different metric that may be shifting. According to an X post on Thursday by Andre Dragosch, Bitwise’s European head of research, BTC “apparent demand” is “re-accelerating.” Dragosch’s post frames the change as a meaningful departure from the prior slowdown.

What “apparent demand” means: it measures the difference between newly mined BTC and the supply that has remained inactive for at least one year. In effect, it provides a way to infer whether recently produced coins are being absorbed rather than circulating from dormant holdings.

That distinction matters for investors because a sustained improvement in apparent demand can indicate that the market is finding new buyers—even if spot volumes are not yet fully convincing across every trading window. Still, the metric is not identical to spot demand, and it won’t resolve instantly the question of where a bottom will form on price alone.

What to watch next as TradFi integration and demand signals collide

Hougan’s argument implies that even if Bitcoin’s near-term chart shows gradual stabilization, the bigger inflection point will likely depend on how quickly mainstream access and crypto trading mechanics begin to reinforce each other. Hyperliquid’s ability to attract volume tied to conventional assets and its expansion into additional derivatives-style products could provide one path, while Robinhood-related ecosystem development is another.

At the same time, BTC investors appear to be watching for whether the “re-accelerating” apparent demand signal persists beyond a short burst. If apparent demand continues to improve while broader spot demand recovers, the market may be closer to a durable transition than “bottom” headlines alone would suggest.