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AAVE 
UNI Morning Briefing
Good morning! Today's top news:
Bitwise Chief Investment Officer: Wall Street's up-chain transformation will drive the next bull market
The next crypto bull market will be different from the past. Bitwise chief investment officer Matt Hogan proposed in a new memo that the upcoming cycle will be driven by the integration of traditional finance and on-chain finance, stablecoins, tokenization, 7×24-hour trading, instant settlement and institutional DeFi. Co-drive rather than the speculative demand that previously drove the rally. His core view is that since this cycle will be based on real financial activity and income, even if it comes more slowly and is less volatile, it may be larger than in the past.
Hagen divided this opportunity into two "tracks".
"Hyperliquid Track" solves a long-standing flaw in the crypto space-that is, the application layer accumulates fees and transaction volume without creating actual demand for its tokens. He mentioned that agreements such as Uniswap, Aave, and Morpho are evolving in the same direction, as well as including chain star projects such as Pump.fun. The "Robinhood Track" represents the influx of traditional finance-Citadel enters Crypto.com, Morgan Stanley accesses E*TRADE, and the American Depository, Trust and Clearing Corporation (DTCC) launches tokenization business.
As a result, we hear a credible institutional voice: revenue and crypto infrastructure will drive the next cycle, not speculation. This is not a new view-many people on crypto Twitter have already regarded Hyperliquid as a shining star for months. The concept of institutional driving is not new. But when Bitwise's chief investment officer formally wrote an article systematically explaining these two factors, their weight cannot be ignored.
Now it's no longer "institutions are coming", it's "institutions are already here-they will drive the next bull market." We will soon be able to verify whether his judgment is correct...
