Key Takeaways:
- Bitwise CIO Matt Hougan said crypto bull market is in early stages
- Tokenized US treasuries have reached $14 billion in total value locked
- Hyperliquid and Robinhood are expanding onchain finance infrastructure
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Bitwise sees new crypto bull market as tokenized assets reach $14B
Bitwise Asset Management sees the early stages of a new crypto bull market driven by tokenization, stablecoins and blockchain-based financial markets.
Bitwise CIO Matt Hougan said stronger bitcoin momentum, ETF demand and institutional adoption signal the early stages of a new crypto bull market driven by the migration of finance onto blockchain rails.
"Tokenization, stablecoins and the migration of financial markets onto blockchain rails are creating structural demand that we haven't seen in previous cycles," Matt Hougan, chief investment officer at Bitwise Asset Management, said.
Tokenized US treasuries have reached $14 billion in total value locked, according to data from rwa.xyz, while a Cryptopolitan survey found 35% of investors are already allocating to tokenized assets. Platforms including Hyperliquid and Robinhood are expanding onchain finance capabilities, broadening access to blockchain-based trading and settlement. Bitcoin's price momentum has also strengthened, supported by sustained inflows into spot ETFs that have drawn institutional capital throughout 2026.
Bitwise executives have previously projected bitcoin could reach $95,000 by year-end if key catalysts align, including sustained ETF inflows and clearer US regulatory frameworks. The next catalyst for the sector could come as more traditional financial institutions deploy tokenized products, Hougan said.
Onchain Finance Infrastructure Expands
Hyperliquid, a decentralized perpetual exchange built on its own L1, has seen trading volumes grow as users shift from centralized platforms, while Robinhood's crypto arm continues to add tokenized asset products for retail investors. The convergence of CeFi and DeFi infrastructure is lowering the barrier for traditional capital to access blockchain-based markets, according to Bitwise.
The tokenized real-world asset sector has expanded beyond US treasuries into private credit, commodities and real estate, with total onchain RWA supply surpassing $20 billion across Ethereum, Solana and other chains, DefiLlama data shows. Hougan said the next phase of growth will depend on regulatory clarity around asset classification and custody standards.
"If tokenization follows the adoption curve we saw with stablecoins, the addressable market could reach trillions of dollars in assets onchain within the next three to five years," Hougan said.
This article is for informational purposes only and does not constitute investment advice.
[1] Crypto Bull Market Signals Emerge as Hyperliquid and Robinhood Push Finance Onchain[2] Bitcoin could reach $95,000 by 2026 if key catalysts align, Bitwise execs say[3] Bitcoin doesn’t need gold and silver 'to slow down,' say analysts[4] Tokenized US treasuries hit $14B, but will retail ever buy into the safest asset on‑chain?[5] Cryptopolitan report: 35% of investors are already moving into tokenized assets: What’s holding the rest back?
