Bitwise CIO Matt Hougan argues that the next bull market will be driven by the convergence of traditional and onchain finance rather than speculation. He identifies two key lanes: crypto-native protocols generating real revenue like Hyperliquid which crossed 1 billion dollars in cumulative revenue, and established TradFi companies building on blockchain rails like Robinhood Chain which surpassed 3 billion dollars in volume. Hougan emphasizes that institutions are no longer coming but are already here and operational. Bitcoin holds around 65,500 dollars while Bitcoin ETFs record seven consecutive days of net inflows.
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