Bitwise CIO: The Next Bull Market Will Be Driven by the Integration of On-Chain Finance and Traditional Finance

Foresight News reported that Bitwise Chief Investment Officer Matt Hougan posted on Twitter that the next crypto bull market will be completely different from the previous one. He believes that this bull market will focus on the integration of on-chain finance and traditional finance as its core narrative. He gave examples such as Hyperliquid expanding from crypto applications to traditional financial services, and Robinhood extending from traditional financial applications to on-chain, with both telling the same story from different starting points. He also cited analyst Marc Arjoon's factor analysis data, noting that the current crypto market is rewarding revenue growth projects: over the past 7 days, protocols with the fastest revenue growth had an average return of +3%, while protocols with revenue declines of more than 20% had an average return of -4%, resulting in a price spread of 7 percentage points, indicating that fundamentals are playing a role. Hougan stated he will release a complete CIO memo detailing the above views.