Crypto’s next bull market is likely to be slower and less volatile than previous cycles because Wall Street is shifting attention from pure digital assets to tokenization and artificial intelligence, according to Matt Hougan, chief investment officer at asset-management firm Bitwise.
“We’ve lost the attention of investors to other hot trends,” Hougan said in remarks published by CoinDesk on June 18, 2026. “I think the coming bull market will be slower and less volatile [than] in the past.”
Bitcoin is down 26% this year and trades roughly 50% below its record high reached in October. The broader CoinDesk 20 Index has fallen 34% over the same period. Despite the decline, Hougan stressed that institutional interest remains robust. “Interest is as high as it’s ever been,” he said, referring to registered investment advisors and firms advising high-net-worth individuals and institutional capital.
Hougan does not attribute crypto’s current downturn primarily to traditional finance’s shift in emphasis but acknowledged the reallocation is contributing to the decline and will likely slow recovery. In bear markets, he explained, investors gravitate toward tangible assets. “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,” Hougan said.
Stablecoins, tokens whose value is pegged to real-world assets like the dollar, have grown significantly. The combined market value of stablecoins reached a recent record high of $322 billion. Citi projects the stablecoin market could reach $4 trillion by 2030, a figure that would exceed the foreign exchange reserves of 95 nations.
Blockchains associated with tokenization have faced headwinds alongside the broader market decline. Stellar, one such platform, saw its lumen coin gain 8.9% this year despite wider losses across the sector.
On Bitcoin’s long-term trajectory, Hougan, a self-described long-time bitcoin bull, expressed conviction tempered by near-term uncertainty. “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,” he said.
Hougan did not specify a timeline for when the next bull market might begin or provide additional near-term price targets beyond his decade-long forecast.
