Bitwise CIO Sees Slower, Less Volatile Crypto Bull Run Ahead

Bitwise Asset Management Chief Investment Officer Matt Hougan says crypto investors are shifting their focus from purely digital assets such as bitcoin toward use cases including stablecoins, asset tokenization and AI. That suggests the next bull market may avoid the sharp rallies and selloffs of previous cycles, instead advancing more gradually on capital from U.S. registered investment advisers (RIAs) and institutions.

Hougan told CoinDesk on June 18, 2026, that bitcoin was down 26% year to date at about $63,805, nearly 50% below its October 2025 record high. However, after recently speaking with more than 40 financial advisers, he said institutional interest remained elevated. The stablecoin market has reached $322 billion, while Citigroup estimates it could grow to $4 trillion by 2030, supporting the outlook for a slower recovery with lower volatility.