Hyperliquid, Robinhood could lift Bitcoin in next bull market

Bitwise Chief Investment Officer Matt Hougan wrote in a blog post that integrations between traditional finance and crypto platforms led by Hyperliquid and Robinhood could help drive the next sustained crypto rally and lift major tokens including Bitcoin and Ether.

Hougan highlighted Hyperliquid’s growing activity in conventional assets, saying nearly half of the platform’s trading volume now involves instruments such as oil, silver and the S&P 500. He noted the venue is expanding into spot commodities, prediction markets and options and described these product additions as ways to bring 24/7 crypto-style trading and alternative market structures to traditional investors.

On Robinhood, Hougan pointed to the company’s development of a layer-2 network as an example of a mainstream financial firm building infrastructure that may broaden access to crypto markets. In the post he suggested investors consider Hyperliquid (HYPE) and Robinhood (HOOD) when positioning for a new cycle and added that he is “bullish on the majors-Bitcoin, Ethereum, Solana, etc.—and on crypto equities.” He also wrote in February that the end of the crypto winter could arrive “sooner rather than later.”

Bitwise’s research team is tracking market indicators that may reflect shifting demand for Bitcoin. European head of research Andre Dragosch wrote on X that Bitwise is seeing “re-accelerating” apparent demand, a metric that compares newly mined Bitcoin with coins that have been inactive for at least one year. According to Bitwise, a rise in apparent demand means more coins are moving into active hands relative to new supply.

Market participants remain split on timing. Some traders point to bottoming signals, while others warn the bear market could persist for months. Spot demand for Bitcoin has been weak in recent periods; Bitwise reports view its apparent demand metric, together with changes in trading volumes and infrastructure developments, as indicators to monitor for signs of renewed investor activity.

Bitwise and other analysts plan to watch apparent demand, trading volumes and the rollout of new access points and trading products as measurable indicators of whether broader investor interest in Bitcoin is returning ahead of a larger market upswing.