Bitwise Chief Investment Officer Matt Hougan expects the next crypto bull market to center on links between blockchain networks and traditional finance. In his latest CIO memo, Matt Hougan identified Hyperliquid and Robinhood as two models positioned to benefit from that shift. Hougan said stablecoins, tokenization, instant settlement, and round-the-clock trading may shape the next cycle. He also cautioned that the market has not fully confirmed a bottom. Bitcoin has improved since early July, while ETF flows and investor sentiment have also turned more positive.