Overview
- Bitwise Chief Investment Officer Matt Hougan published a market memo this week identifying Hyperliquid and Robinhood as the two platforms most likely to drive the next bull market.
- Hyperliquid has reported more than $1 billion in cumulative revenue, projects about $800 million this year, and channels roughly 99% of its fees into buying HYPE tokens to reduce supply.
- Robinhood launched its Arbitrum‑based Robinhood Chain on July 1 and drew more than $300 million in deposits with millions of daily transactions as it rolled out tokenized stock products.
- Bitwise has productized exposure to Hyperliquid with the BHYP ETF launched on May 15, and broader market signals such as a roughly 9% rise in Bitcoin since July 1 and renewed ETF inflows support early optimism.
- Key uncertainties remain because early on‑chain activity has been concentrated in memecoin trading, gas subsidies, and concentrated lending integrations, and tokenized stocks on Robinhood are issued as debt securities, which raises regulatory and durability questions for investors.