Morning Minute: Wall Street Moving Onchain Will Drive the Next Bull Market
Bitwise CIO Matt Hougan argues the next crypto bull market will be driven less by speculation and more by real financial activity as TradFi and onchain finance merge. Key catalysts include stablecoins, tokenization, 24/7 markets, instant settlement, and institutional DeFi. He says this cycle could be larger than past ones because it would be supported by revenue and usage, even if it starts more slowly and with lower volatility. He describes two main paths: a “Hyperliquid lane,” where onchain apps generate fees and volume with stronger token demand, and a “Robinhood lane,” where major institutions like Citadel, Morgan Stanley, and the DTCC bring traditional finance onto crypto rails. The core message: institutions are no longer just arriving—they are already here and may drive the next cycle.
