Name: Bitwise: The Next Bitcoin Buyer Is Bigger Than Michael Saylor
Uploaded: 2026-07-08T18:45:06+00:00
Duration: 2267 s

Speakers

Matt Hougan — CIO, Bitwise Asset Management

Ryan Rasmussen — Head of Research, Bitwise

Summary

Bitwise CIO Matt Hougan and Head of Research Ryan Rasmuseen argue that Strategy’s era as Bitcoin’s dominant buyer is over and institutional investors will drive the next bull market. They highlight a massive re-rating opportunity in DeFi, strong theses around Hyperliquid, Uniswap, and stablecoin beneficiaries, and see a potential Ethereum revival from new institutional-focused nonprofits.

Strategy’s Bitcoin sale barely moved price; the marginal buyer is shifting to institutional investors.
Vanguard’s digital asset hiring signals a one-way door for traditional finance into crypto.
DeFi assets are rerating upward because the TAM is all of finance ($400T), not just crypto.
Hyperliquid shows exceptional tokenomics: $1B annual revenue with 99% used to buy and burn the token.
Uniswap integrating with Robinhood targets stock and multi-asset trading, expanding its market 200x.
Stablecoin growth will benefit Solana, Ethereum, Hyperliquid, Chainlink, and Coinbase.
New Ethereum nonprofits could drive commercialization and revive ETH’s momentum.

Ideas

Matt Hougan CIO, Bitwise Asset Management 2:05

Bitcoin bull market from institutional inflows

Strategy (formerly MicroStrategy) is no longer the dominant marginal buyer of Bitcoin. The baton is passing to institutional investors, who represent trillions of dollars in capital. This transition, already visible in market reactions, sets up a multi-year bull market for Bitcoin as institutions become the primary source of demand.

Matt Hougan CIO, Bitwise Asset Management 16:44

DeFi massively undervalued vs $400T finance

DeFi applications are rerating because the total addressable market is not just the $2 trillion crypto space but all of finance ($400 trillion). The Bitwise DeFi index is up 51% in three months during a tough macro period. As apps like Uniswap integrate on rails like Robinhood’s L2, value capture is improving and the market is deeply undervalued relative to the opportunity.

Matt Hougan CIO, Bitwise Asset Management 17:52

Uniswap targeting $400T mult-asset market

Uniswap is no longer just about trading crypto pairs. Its integration into Robinhood’s layer-2 and focus on stocks, commodities, bonds, and all asset classes mean it is attacking a $400T total addressable market, roughly 200x larger than the current crypto market. The market has not fully repriced this expansion.

Ryan Rasmussen Head of Research, Bitwise 18:56

Stablecoin boom benefits SOL ETH HYPE LINK COIN

Stablecoin growth will be a multi-trillion-dollar trend. Value will accrue to: (1) layer-1 blockchains (Solana, Ethereum, Hyperliquid) where stablecoin activity settles, (2) oracle middleware (Chainlink) that connects apps, and (3) stablecoin issuers like Coinbase that earn large margins on reserve interest. These are all structural beneficiaries of stablecoin adoption.

Ryan Rasmussen Head of Research, Bitwise 24:16

Hyperliquid tokenomics and growth are exceptional

Hyperliquid generates roughly $1 billion in annual revenue, of which 99% is used to buy and burn the token, creating enormous buyback demand. It is rapidly shipping new products (S&P index licensing, pre-IPO markets, oil futures, prediction markets) and punching above its weight class in ETF inflows. This super-app is purpose-built to accrue value in a way previously impossible.

Matt Hougan CIO, Bitwise Asset Management 26:11

Lighter well placed in perps expansion

The perpetuals (perps) market is set to expand dramatically. Both Hyperliquid and Lighter are well positioned to capture this growth. Instead of worrying about market share, the more important point is that the size of this market can 10x–100x, making Lighter a bullish bet.

Bitwise: The Next Bitcoin Buyer Is Bigger Than Michael Saylor

Summary

Ideas

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