VanEck's Head of Digital Assets Research, Matthew Sigel, has a clear message for crypto investors: the next bull market won't be about meme coins or speculative trading. Instead, it will be driven by the convergence of blockchain technology and traditional finance—what he calls "Wall Street going onchain."

In a post on X on July 23, Sigel argued that rather than focusing solely on Bitcoin (BTC) or Ethereum (ETH), investors should watch companies and protocols building the infrastructure for tokenization, stablecoins, and on-chain capital markets.

Sigel highlighted two early leaders: Hyperliquid (HYPE) and Robinhood Markets Inc. (HOOD). Hyperliquid, a crypto-native platform, is on pace to generate $800 million in annualized revenue while using 99% of protocol revenue to repurchase HYPE tokens, reducing the circulating supply. Despite the broader crypto downturn, Hyperliquid has climbed roughly 146% this year. Sigel believes the token could still double in value while remaining reasonably valued.

Robinhood's recently launched Layer-2 blockchain is another strong example of financial convergence. Within two weeks of launch, Robinhood Chain reportedly attracted more than $300 million in deposits and processed roughly 3.6 million daily transactions. While much of the early activity involved meme coins rather than equities, Sigel sees the underlying infrastructure as already demonstrating meaningful adoption.

Sigel also noted that crypto is beginning to show signs of forming a market bottom. Since July 1, Bitcoin has gained roughly 9% while the Nasdaq-100 has declined about 6%. Spot ETF flows have turned positive, and market sentiment has improved.

Beyond Hyperliquid and Robinhood, Sigel identified several other projects and companies that could be winners in the next cycle. In the crypto-native category, he pointed to Uniswap (UNI), Aave (AAVE), and Morpho as projects improving token holder economics. In the traditional finance category, he highlighted Coinbase Global Inc. (COIN), Figure Markets, BlackRock Inc. (BLK), Visa Inc. (V), Stripe, and JPMorgan Chase & Co. (JPM)—firms aggressively adopting blockchain infrastructure rather than limiting themselves to pilot programs.