Crypto valuations could double or more, according to Bitwise CIO Matt Hougan.
His reasoning: crypto is quietly becoming a real revenue market. Protocols like Hyperliquid, Uniswap, Aave, and Pump.fun are generating actual fees and using them to buy back and burn their tokens.
Hyperliquid alone did $169M in Q2 revenue and sent $141M of it into $HYPE buybacks.
Most investors still think crypto tokens don’t earn anything. That was true for years. Under a friendlier SEC, things have flipped.
If money keeps flowing to token holders like this, the market hasn’t fully priced it in yet.
His reasoning: crypto is quietly becoming a real revenue market. Protocols like Hyperliquid, Uniswap, Aave, and Pump.fun are generating actual fees and using them to buy back and burn their tokens.
Hyperliquid alone did $169M in Q2 revenue and sent $141M of it into $HYPE buybacks.
Most investors still think crypto tokens don’t earn anything. That was true for years. Under a friendlier SEC, things have flipped.
If money keeps flowing to token holders like this, the market hasn’t fully priced it in yet.