Bitwise executives: Hyperliquid and Robinhood may boost Bitcoin's next bull market

Bitcoin may be close to a more stable trading base, but at least one prominent asset manager said investors should not attribute the next major rally cycle to the same drivers of previous booms.

In his latest article, Bitwise Chief Investment Officer Matt Hogan believes that the next bull market will be driven by the deeper integration of traditional finance and cryptocurrencies-especially those that can integrate the 7x24-hour trading characteristics of cryptocurrencies into mainstream financial workflows.

Hogan points to Hyperliquid's expanding influence and Robinhood's advancement of cryptocurrency infrastructure as two specific examples. At the same time, the Bitwise data cited by Hogan and an independent post on Platform X by Bitwise research director Andrei Dragosh suggest that "apparent demand" for Bitcoin may begin to improve after a long period of weakness.

Key Points

Bitwise said that the next cryptocurrency bull market is more likely to be driven by traditional financial consolidation than a purely native cryptocurrency catalyst.

·He emphasized that Hyperliquid's growing use cases in traditional assets and product extensions are a sign of broader integration.

·Hogan believes that Robinhood-related infrastructure could serve as another bridge that could help "elevate" a wide range of cryptocurrency assets.

· Bitwise's "apparent demand" framework shows that while spot demand remains a recurring concern, Bitcoin demand may be "accelerating again."

Why Bitwise believes the next cycle starts with traditional finance

Hogan centers its positioning argument on the idea that the next round of continued market expansion will stem from the benefits of easier access to cryptocurrencies for traditional investors. In a blog post posted Wednesday, he raised the question of how to start laying out for an expected new bull market, answering with two entities that he believed represented convergence in opposite directions. "By looking at two entities that are leading this integration in different directions: Hyperliquid and Robinhood."

The basic premise is that the structure of cryptocurrencies-especially continuous trading and instant settlement-creates advantages that traditional finance has historically lacked. For Hogan, the key question is not whether Bitcoin will hit a bottom, but whether new demand channels can be scaled up when mainstream institutions and familiar interfaces adopt the cryptocurrency trading model.

Regarding Hyperliquid, Hogan emphasized that the platform's activities are not limited to cryptocurrency pairs. According to it, nearly half of Hyperliquid's trading volume involves "traditional assets such as oil, silver and the S & P 500," and the platform is reportedly expanding to spot commodities, forecast markets and options. This combination is important because it demonstrates the market's need for a trading experience that looks and feels familiar, but also operates with a cryptocurrency native mechanism. Hogan believes that if these capital flows continue to grow, the impact should go beyond individual tokens and support the broader field as a whole.

The "rising tide" between mainstream assets and cryptocurrency stocks

Hogan also linked his outlook to competitive pressure from traditional financial players entering the cryptocurrency ecosystem through infrastructure and distribution. He cited Robinhood's "Chain Layer 2 Network" as an example of how traditional finance might be more directly connected dynamically to the cryptocurrency market. "I suspect the upcoming bull market will be big enough to lift most assets in the sector." On this basis, he elaborated on a combined strategy: he said he remained optimistic about key assets such as Bitcoin, Ethereum and Solana, while expressing optimism about cryptocurrency stocks. The common thread in his arguments is that expanded participation often helps support liquidity across markets, not just narratives driven hot varieties.

Hogan's positioning is consistent with the overall tone he will have as he enters 2026. Earlier this year, he believed that the end of the "cryptocurrency winter" might come sooner than expected, and he maintained that view despite the continued market downturn.

Bitcoin: "Apparent demand" shows possible reversal

While Hogan's argument focuses on what might drive the next cycle, the daily concern for traders is whether Bitcoin's demand background is stabilizing. Previous reports have pointed out that many market participants are looking for a bottom signal, but have also suggested that the bear market phase may be months away, depending on changes in spot demand. In this context, the market focus remains on whether spot buying is returning-especially in a shorter time frame, where demand may appear fragile even if long-term conditions improve.

However, Bitwise points to a different indicator that may be shifting. According to a post on Platform X by Andrei Dragosh, Bitwise's European research director, on Thursday,"apparent demand" for Bitcoin is "accelerating again." Dragosh's post described the change as a meaningful departure from a previous slowdown. What "apparent demand" means is that it measures the difference between newly mined bitcoins and a supply that has not been active for at least a year. In effect, it provides a way to infer that recently produced coins are being absorbed rather than circulated from dormant holdings. This distinction is important for investors because continued improvement in apparent demand could indicate that the market is finding new buyers-even if spot volumes are not yet fully convincing at each trading window. However, this indicator is not exactly the same as spot demand and cannot immediately solve the problem of where the price bottom will form.

What to focus on next: Traditional financial integration meets demand signals

Hogan's argument suggests that even if Bitcoin's short-term chart shows gradual stabilization, a greater turning point may depend on the speed with which mainstream access and cryptocurrency trading mechanisms reinforce each other. Hyperliquid attracts transaction volume tied to traditional assets and its ability to expand into more derivative products may provide one path, while Robinhood-related ecosystem development is another path. At the same time, Bitcoin investors seem to be concerned about whether the "re-accelerating" apparent demand signal will last beyond a brief burst. If apparent demand continues to improve while broader spot demand recovers, the market may be closer to a lasting transition than the "bottom" headline suggests.