The Biggest Bullish Signal in Crypto Right Now

Watch on YouTube ↗  |  July 29, 2026 at 18:45  |  37:51  |  Milk Road Macro
Speakers
Cam Benick — Head of Onchain Research, Bitwise

Summary

Kam Benbrik, Head of Research at Bitwise Staking, joins John Gillen to discuss Bitwise’s Q3 2026 Staking Report. He highlights a bullish divergence: crypto prices are down while on-chain fundamentals—transactions, staking demand, and fees—have surged. Record Ethereum staking, Solana's explosion in tokenized equities, Hyperliquid's perp dominance and token burn, and Avalanche's RWA pivot all point to strengthening networks that could lead to price appreciation once the market catches up.

  • Staking demand hits records across Ethereum, Solana, Hyperliquid, and Avalanche.
  • Ethereum staking reaches 33% of supply with an empty exit queue, driven by institutional flows.
  • Solana spot trading volume surges, with tokenized equities volume up 3,000x year-over-year.
  • Hyperliquid dominates perpetual trading, generating $175M in quarterly fees used to buy and burn HYPE.
  • Avalanche sees 4x transaction growth fueled by a pivot to real-world asset tokenization.
  • Upgrades like Solana’s App & Glow and Ethereum’s Glamsterdam aim to improve speed and decentralization.
  • Rising on-chain activity amid price declines signals a potential bullish resolution for ETH, SOL, HYPE, and AVAX.
Ideas
Cam Benick Head of Onchain Research, Bitwise 13:03
Record staking, institutional demand bullish.
Ethereum staking has reached a record 40.2 million ETH (33% of supply), the exit queue is empty, and institutional inflows from entities like BlackRock’s staking ETF and Bitwise are accelerating. Combined with the Robinhood chain using ETH as gas and the upcoming Glamsterdam upgrade removing a centralized relay, this signals strong demand and improving fundamentals that are not yet reflected in price, making ETH bullish as the divergence resolves.
ETH MED
Cam Benick Head of Onchain Research, Bitwise 25:00
Hyperliquid perps generate fees, burn token.
Hyperliquid dominates perpetual trading, generating $175 million in fees in Q2 2026, with 80% coming from perps. Those fees are used to buy and burn the HYPE token, creating deflationary pressure, while the protocol also expands into spot trading. This revenue model and token buyback mechanism make HYPE bullish.
HYPE MED
Cam Benick Head of Onchain Research, Bitwise 25:32
Solana spot trading and tokenization surging.
Solana is experiencing explosive growth in spot trading and tokenized equities, with on-chain volume of tokenized stocks rising from $1 million to over $3 billion in one year. Upcoming upgrades like App & Glow consensus (finality to milliseconds) and a halving of slot time will enhance trading experience, positioning Solana as a leading chain for spot assets and driving further adoption.
SOL MED
Cam Benick Head of Onchain Research, Bitwise 27:27
Avalanche RWA pivot drives transaction growth.
Avalanche processed four times more transactions year-over-year, driven by a strategic pivot to real-world assets (RWAs). Major partners like FIFA and Progma are building their own Avalanche Layer 1s, bringing billions in tokenized assets, while lower transaction costs further accelerate adoption, making AVAX a strong beneficiary of tokenization trends.
AVAX MED
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This Milk Road Macro video, published July 29, 2026, features Cam Benick discussing ETH, HYPE, SOL, AVAX. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cam Benick  · Tickers: ETH, HYPE, SOL, AVAX