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BTC 
HYPE The crypto market is bottoming out, and Bitwise Chief Investment Officer is optimistic about two major investment directions.
As the crypto market shows signs of bottoming out, Bitwise Chief Investment Officer Matt Hogan said that investors should focus on the next round of crypto bull market, they should pay special attention to two types of investments-he believes that as blockchain technology becomes more deeply integrated into traditional finance, these two types of investments are most likely to benefit.
In the latest market commentary, Hogan referred to these two types of investments as "Hyperliquid Track" and "Robinhood Track" respectively.
Hyperliquid Track
Hou Gen believes that the next round of crypto bull market will be driven by the integration of on-chain finance and traditional finance, specifically manifested in stablecoins, tokenization, round-the-clock trading, instant settlement, and institutionalized and decentralized finance. Although he said it was too early to conclude that the market had fully recovered, he added that improving market sentiment, positive ETF inflows and Bitcoin's recent performance have prompted investors to think about what will lead the next cycle.
The first type of investment-Hyperliquid Track-covers crypto finance applications that generate significant revenue, while using a powerful token economy model to directly link token value to platform activity. Hogan said Hyperliquid stands out because the agreement builds a large derivatives platform whose business has expanded from cryptocurrencies to traditional markets. He added that the platform achieved cumulative revenue of more than $1 billion in June and is expected to generate approximately $800 million in revenue this year.
Hou Gen also focused on his token model: Under this model, 99% of agreement revenue is used to repurchase HYPE tokens on the open market, thereby reducing supply. He said this model of combining real revenue with aggressive token buybacks sets Hyperliquid apart from many early crypto applications that attracted users but failed to deliver a similar return of value to token holders.
He expects that over time, more crypto projects will adopt similar token economy models.
Robinhood Track
Hagen said that the second type of investment-Robinhood Track-consists of existing companies actively building financial services on blockchain infrastructure, rather than limiting themselves to pilot projects. He cited Robinhood's launch of its Layer 2 blockchain on July 1 as an example to illustrate this strategy.
Robinhood Chain accumulated more than US$300 million in deposits within two weeks of launch and processed 3.6 million daily transactions. Hougen pointed out that as financial markets evolve, companies that truly conduct crypto experiments at real scale have an advantage over companies that only conduct small-scale proof-of-concept projects because they are accumulating practical experience.
