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Following
AAVE 
BTC 
HYPE 
MORPHO 
UNI The cryptocurrency market has experienced a sharp decline since October 2025, but investors 'expectations for a resumption of the bull market are heating up.
Although markets have different views on the bottom and when a new bull market will start, Matt Hogan, chief investment officer of Bitwise, offers the latest point.
In a recent blog post, Bitwise's chief investment officer pointed out that Bitcoin and the market are showing positive signs of bottoming out.
Hogan acknowledged that the rise in Bitcoin since early July, the re-inflow of spot Bitcoin ETF funds and the restoration of investor confidence are all positive signs that the market has bottomed out, but he also said that for now, it is still too early to conclude that the "bear market is completely over."
In this context, Bitwise's chief investment officer said that the downturn in the cryptocurrency market is coming to an end and believes that a new round of bull market will be based on the integration of cryptocurrencies and traditional finance.
In addition to the bottom signal, Hogan also pointed out that the next cryptocurrency bull market could be driven by projects like Hyperliquid and large financial companies such as Robinhood.
Bitwise's chief investment officer further stated that the next cryptocurrency bull market may be driven by trends such as stablecoins, tokenization, 24-hour trading, instant payments, and institutional DeFi.
The first group is crypto protocols that operate in decentralized derivatives markets and generate real revenue, such as Hyperliquid (HYPE); the second group is listed financial companies like Robinhood (HOOD), which are committed to combining traditional finance with crypto infrastructure.
Hogan believes that these two structures are one of the best examples of maximizing benefits from the integration of traditional finance and blockchain technology.
Bitwise's chief investment officer said of Hyperliquid: "I think even if its price doubles, the valuation will still be reasonable."
He also predicted that more crypto projects may adopt a similar token economy model in the future, citing altcoins such as Uniswap (UNI), Aave (AAVE) and Morpho (MORPHO) as examples.
In summary, Bitwise's chief investment officer believes that past bull markets were mainly driven by expectations and speculation, while the new cycle will be based on real use cases, revenue-generating applications, and structural changes in the financial sector.
