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This Disconnect Could Decide the Next Crypto Bull Run
Bitwise's on‑chain researcher Kam Benbrik explained that blockchain network usage is rising while token prices stay flat, highlighting competition among Solana, Hyperliquid and Avalanche as the key driver of this divergence.
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What happened
Bitwise’s on‑chain researcher Kam Benbrik explained that blockchain network usage is rising while token prices stay flat, highlighting competition among Solana, Hyperliquid and Avalanche as the key driver of this divergence.
Confirmed
Global impact / market context
If usage continues to outpace price, investors may shift capital toward networks that can convert activity into revenue, potentially sparking a new crypto bull run as demand for services translates into higher token valuations.
Analyst inference
The discussion comes as Solana leads spot trading and tokenized equities, Hyperliquid dominates perpetual contracts, and Avalanche attracts institutional real‑world‑asset projects, suggesting each network is carving out distinct revenue streams despite overall price stagnation.
Confirmed
What to watch
- Growth in on‑chain transaction volume on Solana, Hyperliquid and Avalanche, because higher usage could pressure token prices upward. Analyst inference
- Announcements of institutional RWA (real‑world‑asset) projects on Avalanche, since such partnerships can bring new capital and validate the network’s enterprise appeal. Analyst inference
- Changes in spot‑trading and perpetual‑contract market share among the three networks, as shifts may indicate which platform is converting usage into revenue more effectively. Analyst inference
Affected assets
- SOL — Solana
- AVAX — Avalanche