Wall Street’s Onchain Shift Could Power Next Crypto Bull Market

Bitwise Chief Investment Officer Matt Hougan says the next cryptocurrency bull market could be powered by Wall Street’s migration to blockchain infrastructure rather than another wave of speculation. Stablecoins, tokenization, round-the-clock trading, instant settlement and institutional DeFi could connect traditional finance with crypto-native markets, creating activity and revenue that support digital assets. The thesis is already taking shape as Citadel Securities moves into Crypto.com, Morgan Stanley expands crypto access through E*TRADE and the DTCC advances tokenization.

Hougan highlighted two growth tracks in July 2026. Hyperliquid surpassed $1 billion in cumulative revenue in June, is running at roughly $800 million annually and directs 99% of revenue toward open-market HYPE purchases. Robinhood Chain, launched July 1, has already exceeded $3 billion in volume. On July 23, Bitcoin traded 0.3% lower at $65,500, Ether was flat at $1,925, Solana held at $78 and HYPE stood at $59.30. US spot Bitcoin ETFs drew $69 million on Wednesday, extending their inflow streak to seven sessions, while Ether funds attracted $73 million.