Bitwise CIO Predicts Next Crypto Bull Market Will Focus on Stablecoins, Tokenization, and Institutional DeFi

Bitwise Chief Investment Officer Matt Hougan stated that the strengthening momentum of Bitcoin, demand for ETFs, and institutional adoption may indicate early signs of a new crypto bull market, driven by factors including tokenization, stablecoins, and blockchain-based financial markets. Since July 1, Bitcoin has risen by 9%, while the Nasdaq 100 index has fallen by 6%. Market sentiment and ETF fund flows have improved, but a bottom has yet to be confirmed. Hougan believes that the next crypto cycle will focus on the integration of blockchain technology with traditional finance, including stablecoins, tokenization, 24/7 trading, instant settlement, and the expansion of institutional DeFi to a trillion-dollar scale. He views Hyperliquid and Robinhood as two pathways for on-chain finance, noting that nearly half of Hyperliquid's trading volume comes from traditional assets such as crude oil, silver, and the S&P 500, while Robinhood launched Robinhood Chain on July 1 to support tokenized stocks and DeFi services.

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