Bitwise CIO Names Top 2 Crypto Bets for the Next Bull Run

Bitwise Chief Investment Officer Matt Hougan has shared his top two investment bets for the upcoming crypto bull market. He is focusing heavily on revenue generating applications and traditional financial firms building real products on blockchain rails. Hougan believes these areas will benefit the most as traditional finance and onchain systems continue to merge through stablecoins, tokenization, and around the clock trading.

The first major bet focuses on crypto applications with strong revenue models and tokenomics that directly tie token value to platform usage. Hougan highlighted Hyperliquid as a prime example, noting its perpetual futures platform is on track to generate roughly $800 million in annual revenue. The project uses nearly all of those earnings to buy back its HYPE token. This model helped the altcoin rally 146 percent this year despite wider market downturns. He also pointed to Uniswap, Aave, and Morpho as protocols shifting toward similar user value models.

The second bet targets established companies running blockchain technology at scale. Hougan named Robinhood as a clear leader, pointing to its recently launched blockchain and strong decentralized exchange volume. While early activity on the network leans toward meme coins, he expects stock volume and user adoption to grow over time. He also added Coinbase, BlackRock, Visa, Stripe, and JPMorgan to his broader watchlist while remaining bullish on Bitcoin, Ethereum, and Solana as the foundation for the entire market.