Bitwise Says TradFi Convergence Will Drive Next Crypto Bull Market

Bitwise Asset Management, which said in May it oversaw about $11 billion in client assets, has positioned itself at the intersection of traditional finance and crypto, including through its NYSE-listed Hyperliquid fund, BHYP, launched on May 14, 2026. Chief Investment Officer Matt Hougan argues that moving conventional assets onto blockchain rails, with round-the-clock trading and faster settlement, could provide the demand engine for the next broad crypto upswing.

In a July 22 note, Hougan said Hyperliquid and Robinhood were leading that convergence from opposite directions. Nearly half of Hyperliquid’s volume now comes from conventional markets such as oil, silver and the S&P 500, while Robinhood is developing its Layer 2 network, Robinhood Chain. On July 23, Bitwise European research head Andre Dragosch said Bitcoin’s “apparent demand” was re-accelerating, reinforcing Hougan’s view that the trend could lift Bitcoin, Ethereum, Solana and crypto equities.