Hyperliquid Price Up 146% as Bitwise CIO Names It and Robinhood Bets for the Next Trillion Crypto Cycle

• Hyperliquid price has surged 146% this year, with Bitwise CIO Matt Hougan arguing its revenue-driven model makes it one of the strongest candidates for the next crypto bull market
• Hougan says the next crypto cycle will be fueled by real revenue, tokenization, and onchain finance, highlighting Hyperliquid and Robinhood as leaders in the convergence of crypto and traditional finance
• Hyperliquid has generated over $1 billion in lifetime revenue and uses 99% of protocol revenue to buy back HYPE token, while Robinhood’s blockchain has already attracted $300 million in deposits and 3.6 million daily transactions

Hyperliquid’s (HYPE) price has climbed about 146% this year. This is even though much of the crypto market has struggled to regain momentum. This performance is at the center of a new Bitwise crypto forecast, which argues the next rally may look very different from the last one. Instead of meme coins and speculation, Bitwise’s Matt Hougan believes the winners will be platforms generating real revenue. Hyperliquid and Robinhood, he says, are already moving in that direction.

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Why Bitwise CIO Matt Hougan Says the Next Crypto Cycle Will Be Built on Revenue Not Hype and Hyperliquid Already Has Both

Bitwise Chief Investment Officer Matt Hougan believes the crypto bull run in 2026 could be driven by traditional finance and blockchain. This is instead of purely speculative trading. In a market memo, he pointed to stablecoins, tokenization, institutional DeFi, instant settlement, and 24/7 markets. These are the forces likely to shape the next phase of crypto adoption.

For Hougan, Hyperliquid and its price are the clearest example of what that future looks like. The Layer 1 protocol crossed $1 billion in lifetime revenue in June. It is expected to generate roughly $800 million this year. Unlike many crypto projects, Hyperliquid directs 99% of protocol revenue toward buying HYPE token on the open market. This ties network activity directly to token demand.

Hougan argued that this model solves a long-standing issue in crypto, where protocols generate fees without creating value for token holders. He added that Uniswap, Aave and Morpho are moving in a similar direction. But Hyperliquid has gone further by linking revenue with buybacks.

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Hyperliquid Price Isn’t the Only Sign of Crypto’s Next Growth Phase

Hougan’s second bet comes from traditional finance. He pointed out that the blockchain, after the brokerage launched Robinhood Chain, a Layer 2 network built on Arbitrum that supports tokenized financial assets.

Robinhood said the network attracted more than $300 million in deposits. It processed around 3.6 million daily transactions within two weeks of launch. Users in more than 120 countries can trade tokenized stocks through the company’s self-custody wallet while interacting with decentralized applications.

Hougan believes that early traction could push other financial institutions to move beyond blockchain pilots and launch products at scale. He also named Coinbase, BlackRock, Figure, Visa, Stripe and JPMorgan among companies positioned to benefit as finance increasingly shifts onchain.

Hyperliquid’s recent performance gives weight to the argument. While Hyperliquid’s price has outperformed much of the market, Hougan says the larger story is the business underneath it. Revenue-producing protocols and established financial firms building blockchain infrastructure could add more direction in the next wing of crypto growth.

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