Bitwise: Hyperliquid and Robinhood Could Fuel Next Crypto Bull Run

As the crypto market searches for its next sustained upswing, asset manager Bitwise is pointing to an unlikely pair of catalysts: Hyperliquid, the decentralized derivatives exchange that has rapidly gained traction among on-chain traders, and Robinhood, the retail brokerage that has been steadily deepening its foothold in digital assets through traditional finance ventures. A Bitwise executive argues these two platforms are quietly laying the infrastructure that could underpin the next major bull market for both Bitcoin and Ether.

The thesis reflects a broader shift in how analysts are thinking about crypto market cycles. Earlier bull runs were largely driven by retail speculation and initial coin offering mania, but the emerging view at Bitwise is that durable rallies now require structural on-ramps — the kind that Robinhood's TradFi integrations and Hyperliquid's sophisticated trading mechanics are beginning to provide. When mainstream and professional traders have reliable, liquid venues to express bullish views, the argument goes, capital inflows become more sustained and less prone to sudden reversal.

Read more S&P 500 Selloff Puts Key 'Risk Pivot' Level in Traders' Sights →

Hyperliquid's rise has been notable within decentralized finance circles for its ability to offer perpetual futures with on-chain settlement, attracting volume that would historically have gone to centralized offshore exchanges. Robinhood, meanwhile, has expanded its crypto offerings and pursued TradFi-adjacent products that could bridge the gap between conventional brokerage clients and digital asset markets. Together, Bitwise sees them as demand-side multipliers rather than just niche experiments.

The broader implication is that Bitcoin and Ether stand to benefit as derivative infrastructure and retail access improve simultaneously — a combination that Bitwise believes could prove more powerful than any single narrative-driven catalyst. Whether that lift materializes depends heavily on regulatory clarity and overall market sentiment, neither of which Bitwise controls. Still, the call is a meaningful signal from one of the more established crypto-focused asset managers about where institutional attention is migrating.

Continue reading at Cointelegraph.