Overview
- Bitwise Chief Investment Officer Matt Hougan published a memo this week positioning the next crypto cycle as a convergence of traditional finance and on‑chain finance driven by revenue rather than speculative rallies.
- Hougan singled out Hyperliquid for its tokenomics that direct nearly all protocol fees into HYPE buybacks and cited the protocol’s claim of large cumulative revenue, a claim that the coverage says is reported but not fully corroborated.
- Robinhood launched its Arbitrum‑based Robinhood Chain on July 1 to offer tokenized stock products and 24/7 trading, with early activity figures reported by Hougan but varying widely across sources and remaining disputed.
- Bitwise has also created institutional access to this theme by launching the Hyperliquid ETF (BHYP) on May 15 and related HYPE ETFs that have gathered roughly $150 million in reported assets, showing investor appetite for revenue‑linked DeFi exposure.
- Coverage warns the model faces durability and legal risks from concentrated TVL and incentive programs, heavy memecoin trading, unclear token legal status for tokenized stocks, and potential regulatory scrutiny that could affect long‑term adoption.