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New marketplaces for crypto and stocks keep multiplying — and old boundaries keep dissolving with them. Hyperliquid now trades more in tokenized stocks than crypto. Robinhood's own chain just started doing what it was built for. Binance, Kraken, Bybit and Gemini are going after Wall Street's retail brokerage business directly, and Revolut just opened private markets — once reserved for institutions — to anyone with €1.

Some of the stories in today's edition:

💎 Bitwise CIO: the next crypto bull market runs through Hyperliquid and Robinhood
💎 Tokenized stocks overtake crypto as Hyperliquid's largest trading category
💎 Binance, Kraken, Bybit and Gemini go to war for the stock market
💎 Robinhood Chain's tokenized stocks jump fivefold in under two weeks
💎 Revolut gives retail investors access to private markets funds

— Morten

Bitwise CIO Matt Hougan wrote in a July 22 memo that the next crypto cycle will be driven by the convergence of crypto-native and traditional finance, pointing to Hyperliquid and Robinhood as the two platforms leading it from opposite sides. He noted that traditional assets like oil, silver and the S&P 500 now make up nearly half of Hyperliquid's trading volume, while Robinhood Chain is pulling retail users the other way into onchain finance.

Why it matters: Hougan is arguing the next rally won't be driven by crypto-native speculation but by how fast two very different companies — one exchange, one brokerage — manage to blur the line between the two worlds.

Source: Hyperliquid, Robinhood could lead crypto's next bull market as DeFi and TradFi converge — FXStreet

Real-world assets generated $25.1 billion in trading volume on Hyperliquid in a single week, surpassing every crypto category combined for the first time. Single-stock perpetuals now make up the majority of that RWA volume, having overtaken commodities and index products since June.

Why it matters: ARK Invest's Lorenzo Valente called it the start of a new DeFi era — a platform built for crypto trading now generates more volume from traditional assets than from crypto itself.

Source: Stocks Just Topped Crypto on Hyperliquid. ARK Says That Changes Everything — Decrypt

Tokenized real-world assets on Robinhood Chain surged to about $70 million, a roughly fivefold increase in under two weeks, with a dozen tokenized stocks led by GameStop, Nvidia and SpaceX each clearing at least $500,000 in daily volume. Memecoins and stablecoins still dominate overall activity, but the shift toward the tokenized equities the chain was built for has finally started.

Why it matters: Robinhood Chain launched to speculative memecoin trading, not the tokenized stocks it was designed for — this is the first real sign the chain is starting to do the job it was built for.

Source: Robinhood Chain's real-world assets jump fivefold as tokenized stocks start trading in bigger size — CoinDesk

Binance, Kraken, Bybit and Gemini are all adding US stocks and ETFs directly into their crypto trading apps, taking direct aim at the retail brokerage relationship Wall Street has held for a century. Binance now offers direct access to more than 7,000 US stocks and ETFs, while Kraken's tokenized stock product has surpassed $25 billion in transaction volume since launching.

Why it matters: These are crypto-native platforms competing for the exact customer relationship traditional brokerages built their entire business on — not through partnerships, but by building the stock access themselves.

Source: Crypto exchanges are opening a two-front war for the stock market — MEXC News

Pump.fun's weekly revenue overtook Hyperliquid's for the first time in months, driven by a social media push and its buyback-and-burn program repurchasing PUMP tokens. The token rose to its highest level in about 11 weeks following the news.

Why it matters: Pump.fun's memecoin-launch model was written off earlier this year as fading with the broader memecoin slump — this is a real reminder that speculative platforms can still out-earn infrastructure plays like Hyperliquid when attention swings back.

Source: Pump.fun surges following rising revenue and social push — FXStreet

Prediction market volume rose sharply in Q2 even as spot trading on major crypto exchanges declined over the same period. An analysis of Polymarket users found most had never touched onchain crypto trading before joining a prediction market — suggesting the growth is drawing in new capital, not just pulling it away from crypto.

Why it matters: The instinct is to read this as crypto losing ground to a competitor, but the user data suggests something different: prediction markets are expanding the total pool of speculative capital rather than simply redirecting an existing one.

Source: Prediction Markets Are Booming, Crypto Markets Are Not. Here's What That Means for Crypto Investors — The Motley Fool

Revolut launched access to private equity, credit and infrastructure funds for eligible European customers, partnering with Apollo, Ares, Hamilton Lane and Partners Group under the EU's ELTIF 2.0 framework. Customers in markets including France and Spain can invest with as little as €1 through Revolut-managed feeder funds.

Why it matters: Private markets have historically required both wealth and institutional relationships to access — Revolut's €1 minimum treats an asset class built for patient, illiquid capital the same way it treats a stock trade.

Source: Revolut to Offer Clients Apollo, Ares Funds for as Little as €1 — Bloomberg/Yahoo Finance

A master's thesis by KTH students Nando Alexander Schmidt and Adam Michael, using Swedish exchange Safello as its case study, examines why crypto exchanges and brokers are increasingly building services for banks and institutions rather than retail customers. The thesis identifies MiCA as the single biggest driver of the shift, though it notes banks still can't outsource their own regulatory responsibility for customer due diligence.

Why it matters: One co-author's experience finding interview subjects says as much as the thesis itself: "As soon as they heard the word crypto, they got scared and backed off" — trust, not technology, is still the binding constraint on banks actually buying in.

Source: New study: Crypto exchanges and brokers target banks, institutions — Kaupr

When K33 in 2025 announced its Bitcoin treasury strategy, CEO Torbjørn Bull Jenssen framed it as more than a balance-sheet bet — a way to strengthen the brokerage's position with institutional clients and enable new products like BTC-backed lending. The company has already onboarded its first bank customer and is working with partners like Stack x Me to embed crypto infrastructure directly into other platforms.

Why it matters: K33 is treating its own Bitcoin holdings less as a passive investment and more as credibility collateral — proof to potential bank and institutional partners that it can manage digital assets responsibly enough to be trusted with theirs.

Source: K33 Connects Crypto-as-a-Service With Bitcoin Treasury Strategy — Kaupr

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Best regards, Morten Myrstad Founder & Editor