Woofun AI reports that Matt Hougan, Chief Investment Officer at Bitwise, stated the upcoming cryptocurrency bull cycle will be defined by the convergence of on-chain finance and traditional finance. He highlighted Hyperliquid’s expansion into traditional financial services and Robinhood’s move into on-chain solutions as evidence of this trend. Hougan referenced factor analysis by Marc Arjoon showing protocols with rising revenues gained an average of +3% over seven days, while those with revenue drops exceeding 20% fell by 4%, creating a 7 percentage point spread. A comprehensive memorandum detailing these insights is scheduled for release.