Bitwise CIO Matt Hougan suggests the crypto market may have bottomed, citing Bitcoin's 9% rise since July 1, contrasting with a 6% Nasdaq decline. Hougan anticipates the next bull run will be fueled by the merging of on-chain and traditional finance, highlighting sectors like stablecoins, tokenization, and institutional DeFi. Hougan identifies two key opportunities: crypto-native applications like Hyperliquid (HYPE), which has surged 146% this year, and traditional financial entities like Robinhood (HOOD), whose Layer 2 blockchain has attracted over $300 million in deposits. He remains optimistic about mainstream assets such as Bitcoin, Ethereum, and Solana, and notes significant institutional interest from companies like Coinbase and BlackRock.