Morning Minute: Wall Street Moving Onchain Will Drive the Next Bull Market

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt.

GM!

Today's apical news:

• Crypto majors mostly level contempt falling stocks & rising oil; BTC astatine $65.5k

• Senate Republicans people caller Clarity Act draft, Dem Leaders inactive reason

• SEC Commissioner Pierce warns immoderate DeFi vaults and onchain lending autumn nether securities instrumentality

• BTC ETFs spot 7 consecutive days of inflows; ETH validator exit queue goes to 0

• Rhynotic's caller FWA protocol token runs to $11M, pumps aggregate NFT sets

🏦 Bitwise's CIO Says Wall Street Moving Onchain Will Drive the Next Bull Market

The adjacent crypto bull marketplace won't look similar the past ones.

That's the statement from Bitwise CIO Matt Hougan, who laid retired successful a caller memo that the coming rhythm volition beryllium driven by the convergence of accepted and onchain finance, stablecoins, tokenization, 24/7 trading, instant settlement, and organization DeFi, alternatively than the speculative request that powered erstwhile rallies. His cardinal assertion is that due to the fact that this rhythm would beryllium built connected existent fiscal enactment and revenue, it could beryllium bigger than what came before, adjacent if it arrives slower and with little volatility.

Hougan framed the accidental arsenic 2 "lanes."

• The archetypal is the "Hyperliquid Lane"—crypto-native protocols that make superior gross and way it backmost to their tokens. For those unfamiliar, Hyperliquid crossed $1 cardinal successful cumulative gross successful June, is connected gait for astir $800 cardinal this year, and directs 99% of that gross into buying HYPE connected the unfastened market.

• The 2nd is the "Robinhood Lane"—established companies gathering existent fiscal services connected blockchain rails alternatively of moving pilots. Robinhood Chain went unrecorded July 1 and has already passed $3 cardinal successful volume.

The Hyperliquid Lane fixes crypto's chronic flaw, wherever applications rack up fees and measurement without creating immoderate request for their token. He named Uniswap, Aave, and Morpho arsenic protocols moving the aforesaid direction, on with onchain darlings similar Pump.fun. The TradFi stampede, Citadel into Crypto.com, Morgan Stanley onto E*TRADE, the DTCC going unrecorded connected tokenization, is his Robinhood Lane.

So present we person a credible organization dependable arguing that gross and crypto rails volition thrust the adjacent cycle, not speculation. This is not needfully a caller opinion, arsenic galore connected CT (Crypto Twitter) person made Hyperliquid their shining prima for months now. And arsenic for the organization driver, that's not truly a caller conception either. But it is important erstwhile the CIO of Bitwise writes the thesis up formally covering these 2 factors.