Bitwise CIO Matt Hougan contends the upcoming crypto bull run will benefit two paths: big TradFi companies developing on crypto rails and income-generating on-chain apps. On the institutional side, his list comprises Robinhood, Coinbase, BlackRock, Visa, Stripe, and JPMorgan; on the crypto-native side, Hyperliquid. He claims that the confluence of conventional finance and blockchain infrastructure will probably drive the cycle less from speculation and more from. Stablecoins, tokenization, and 24/7 trading—all of which he feels will entice more activity on-chain—are the main drivers he notes.
Investors' message is that although BTC, ETH, and SOL continue to be the main base layer, assets with actual utility, revenue, and obvious adoption avenues could provide the more dramatic upside. Broad exposure, in fact, means selectively leaning into initiatives and stocks with clear product-market fit.
