Bitwise CIO Bets the Next Bull Run Won't Be a YOLO—It's a Yield Curve 🏦

Bitwise Chief Investment Officer Matt Hougan is making the case that the next crypto bull market will be fueled not by speculative demand but by the integration of traditional finance with onchain infrastructure. In a new memo, Hougan argued that the convergence of stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi could produce a cycle larger than prior ones, even if it unfolds more slowly and with less volatility. He framed the thesis around two "lanes," beginning with what he called the Hyperliquid Lane, which he said addresses crypto's chronic problem of applications generating fees and volume without creating demand for their tokens. Hougan cited Uniswap, Aave, Morpho, and Pump.fun as protocols moving in that direction.

The second lane, which he dubbed the Robinhood Lane, captures the push of major financial institutions into crypto. Hougan pointed to Citadel's involvement with Crypto.com, Morgan Stanley's work with E*TRADE, and the DTCC going live on tokenization as examples of traditional firms migrating onchain. Hougan's thesis is notable because the institutional shift has long been anticipated, but it is now being formalized by a senior executive at one of the largest crypto asset managers.

Separately, BitMEX, one of the longest-running crypto derivatives exchanges, is shutting down. The platform will cease operations on September 23 at 04:00 UTC, operator HDR Global Trading said Thursday, attributing the decision to a "strategic review of the business and the broader industry." New account sign-ups have already been halted, and the company said the move "comes with a heavy heart."

In market action, $BTC was flat at roughly $66k while $HYPE fell 6% amid the broader sideways tape. Spot Bitcoin ETFs recorded another $203M in net inflows, bringing the six-session total to $930M. Elsewhere, Jack Mallers stepped down from Twenty One Capital, with the company's stock down 90% on the news, and Telegram announced a new non-custodial wallet as it deepens its crypto footprint.