Next bull run will be slower, less volatile as investors' crypto appetite evolves, Bitwise CIO says

Markets Next bull run will be slower, less volatile as investors' crypto appetite evolves, Bitwise CIO says Long-time bitcoin bull Matt Hougan told CoinDesk that during this bear market and with ‘doubts swirling’, investors have found ‘it easier to reach for something more tangible:’ stablecoins and tokenization. By Olivier Acuna | Edited by Sheldon Reback Jun 18, 2026, 4:00 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Bitwise CIO Matt Hougan remains bullish on bitcoin and reiterates his $1 million forecast within 10 years. (Bitwise/Press) Summary Show Crypto’s next bull market is likely to be slower and less volatile because Wall Street is shifting attention from pure digital assets to real-world applications like tokenization and artificial intelligence, according to Bitwise CIO Matt Hougan. Despite bitcoin’s price being down 26% this year and still about 50% below its record high, interest from investment advisers and institutional-focused firms remains strong. Stablecoins and tokenization are drawing growing investor interest as more tangible, real-world use cases than purely digital assets. Any recovery in the crypto market is likely to take longer than traders expect because Wall Street investors and advisory firms are now focusing on real-world applications, such as tokenization, and artificial intelligence rather than straight digital assets, according to Matt Hougan, the chief investment officer of asset-management company Bitwise. “We've lost the attention of investors to other hot trends,” most notably, for now, AI, Hougan said in an interview over email. "I think the coming bull market will be slower and less volatile [than] in the past.” Even so, firms that advise high-net-worth individuals and institutional capital, known in the U.S. as registered investment advisors (RIAs), remain highly engaged with bitcoin BTC $ 64,213.54 , the largest cryptocurrency by market capitalization, and crypto overall. “Interest is as high as it's ever been,” said Hougan, himself a long-time bitcoin bull . “I think that's a very bullish long-term signal. … I think it's going north of $1 million in the next 10 years. I have less certainty around how, when or if it has bottomed. I think we have to wait to see how the four-year cycle plays out.” With multiple, often conflicting, signals identifying where the slide in bitcoin might end , the price remains almost 50% below the record high it hit in October. It's down 26% this year, and the broader market gauge CoinDesk 20 Index (CD20) has lost 34%. Blockchains associated with tokenization, such as Stellar, have also been hit, though Stellar's lumen (XLM) coin stands out with a gain of 8.9% this year. Interest in stablecoins is also growing, and the combined market value of the tokens, whose value is pegged to a real-world asset like the dollar, recently hit a record high $322 billion . That's more than the foreign exchange reserves of 95 countries, including several developed nations. The value could peak at $4 trillion by 2030, according to Citi projections . As for pinning crypto's decline on the traditional finance's shift in emphasis, Hougan said that was not the main reason. He agrees, however, with other bitcoin maximalists — a group that believes bitcoin is the only cryptocurrency likely to achieve lasting global adoption and monetary relevance — that it's at least contributing to the drop and is likely to slow any recovery. "In bear markets, with doubts swirling, it's easier for them to reach for something tangible. Stablecoins and tokenization are more tangible and ‘real-world’ to most people than bitcoin.” Stablecoins Tokenization Bitcoin News Bitwise Related Assets Bitcoin $ 64,213.54 2.38 % Latest Crypto News 1 CME chief executive says company plans to sue CFTC after perpetual futures approval 17 minutes ago 2 Kentucky targets prediction markets, puts red state in potential clash with Trump team 6 hours ago 3 Fidelity joins Wall Street's race to manage stablecoin reserves 7 hours ago 4 Here is how Coinbase plan to survive the crypto downturn by ditching its reliance on trading fees 8 hours ago 5 Bitcoin layer-2s face a bear-market reality check 8 hours ago 6 FIFA wanted Avalanche's blockchain to help curb World Cup ticket scalping. Here's how it's going 8 hours ago 7 Fed holds rates steady in first decision under new Chairman Kevin Warsh 10 hours ago 8 Crypto industry aghast at Illinois' new tax on holding or transferring digital assets in state budget 11 hours ago 9 Crypto Long & Short: The measure of a maturing market 11 hours ago 10 Moody’s rolls out credit ratings on Solana in tokenized asset push 11 hours ago Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Markets Fidelity joins Wall Street's race to manage stablecoin reserves Fed holds rates steady in first decision under new Chairman Kevin Warsh BitGo stock surges on $50 million share buyback as value languishes 65% below IPO price More From Bitcoin CME chief executive says company plans to sue CFTC after perpetual futures approval Kentucky targets prediction markets, puts red state in potential clash with Trump team Fidelity joins Wall Street's race to manage stablecoin reserves