Bitcoin (BTC) is “finally showing signs of a bottom,” but the next bull market will have a different source.
Key points:
- TradFi integrations, particularly Hyperliquid and Robinhood, will drive the next crypto bull market, says Bitwise’s Matt Hougan.
- The resulting tide should “lift” the largest cryptocurrencies with it, including Bitcoin and Ether.
- Apparent demand for BTC is already showing signs of reversal, per Bitwise data.
Hyperliquid, Robinhood catalyst to “lift most of” crypto sector
In a blog post on Wednesday, Matt Hougan, chief investment officer at crypto asset manager Bitwise, revealed his picks for what will “lift” BTC price action going forward.
BTC/USD is gaining ground against US stocks, Hougan notes, but investors should look elsewhere for the next long-term crypto comeback.
“So how should you start positioning for the new bull market?” he queried.
“By looking at two entities that are leading this convergence from opposite sides: Hyperliquid (HYPE) and Robinhood (HOOD).”
For Hougan, the bull market will depend on crypto-focused integrations that bring the market’s inherent benefits, such as 24/7 trading, to the TradFi realm.
“Today, nearly half the volume on Hyperliquid is in conventional assets like oil, silver, and the S&P 500. It’s expanding into spot commodities, prediction markets, and options,” he said about Hyperliquid.
HYPE/USDT one-day chart. Source: Cointelegraph/TradingView
Hougan also sees competition from traditional financial players, like the Robinhood Chain layer-2 network, as a key catalyst to bring about a broader crypto renaissance.
“I suspect the coming bull market will be big enough to lift most of the sector,” he said.
“I’m bullish on the majors—Bitcoin, Ethereum, Solana, etc.—and on crypto equities. But there are two types of investments I think are particularly well positioned.”
HOOD/USD one-day chart. Source: Cointelegraph/TradingView
The Bitwise executive has remained optimistic on Bitcoin and the wider market throughout 2026, in February predicting that the end of crypto winter would come “sooner rather than later.”
“Here’s the good news: We’re closer than you think,” he wrote at the time.
Bitcoin apparent demand reverses higher
As Cointelegraph reported, Bitcoin traders broadly agree that while some bottom signals are already flashing, the bear market has several months or more left to run.
Related: Bitcoin analysis eyes ‘serious volume’ after Binance sees 9K BTC daily outflow
Spot demand remains weak and has become a key talking point, even on shorter time frames. Here, however, Bitwise also sees a potential shift underway.
In an X post on Thursday, European head of research, Andre Dragosch, described “re-accelerating” apparent demand.
Apparent demand measures the difference between newly-mined BTC and the supply inactive for at least one year.
Bitcoin apparent demand data. Source: Andre Dragosch on X.com