Bitwise CIO: Signs of a Bottom in the Crypto Market Bitwise Chief Investment Officer Matt Hougan shared that the crypto market is showing signs of a bottom—since July 1, Bitcoin has risen 9%, while Nasdaq has dropped 6%, and ETF fund flows have turned positive. He believes the next bull market will be driven by the integration of on-chain finance and traditional finance. Hougan is optimistic about two types of opportunities: 1. Crypto-native applications like Hyperliquid (HYPE), which allocate 99% of their revenue to token buybacks and burns, and have already surged 146% this year. 2. Traditional institutional initiatives like Robinhood Chain, which attracted over $300 million in deposits within two weeks of launch.