Matt Hougan, a veteran bitcoin advocate, shared with CoinDesk that in this bear market, as uncertainty looms, investors are gravitating towards more tangible assets like stablecoins and tokenization.
By Olivier Acuna|Edited by Sheldon Reback Jun 18, 2026, 4:00 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitwise CIO Matt Hougan remains optimistic about bitcoin, maintaining his $1 million price prediction over the next decade. (Bitwise/Press)SummaryShow- According to Bitwise CIO Matt Hougan, the upcoming bull market for crypto is expected to be characterized by slower growth and reduced volatility, as Wall Street shifts its focus from digital assets to real-world applications like tokenization and AI.
- Despite a 26% decline in bitcoin's price this year, which is still about 50% below its peak, there is robust interest from investment advisors and firms focused on institutional clients.
- Investor interest is increasingly directed towards stablecoins and tokenization, which are perceived as having more concrete real-world applications compared to purely digital assets.
Recovery in the cryptocurrency market is anticipated to be more gradual than many traders might hope. This is due to a pivot by Wall Street investors and advisory firms towards real-world applications like tokenization and artificial intelligence, rather than focusing solely on digital assets, as noted by Matt Hougan, the chief investment officer at Bitwise.
“We've lost the attention of investors to other hot trends,” particularly AI at this moment, Hougan remarked in an email interview. "I believe the next bull market will unfold at a slower pace and with less volatility compared to previous cycles.”
Nonetheless, registered investment advisors (RIAs), who cater to high-net-worth individuals and institutional investors, remain very engaged with bitcoin BTC$63,874.86 and the crypto market in general.
“Interest is at an all-time high,” Hougan stated, identifying this as a positive long-term indicator. “I predict it will exceed $1 million within the next decade. However, I am less certain about the timing or whether we have reached a market bottom. We need to observe how the four-year cycle progresses.”
Amidst various and sometimes contradictory signals regarding the potential bottom for bitcoin prices, the cryptocurrency remains nearly 50% lower than its record high from October, having dropped 26% this year, while the broader CoinDesk 20 Index (CD20) has seen a 34% decline. Although blockchains related to tokenization have also faced challenges, Stellar's lumen (XLM) has performed relatively well, gaining 8.9% this year.
There is also a rising interest in stablecoins, with their collective market value recently reaching a record high of $322 billion, surpassing the foreign exchange reserves of 95 countries, including some developed nations. Projections suggest this could rise to $4 trillion by 2030, according to estimates from Citi.
While Hougan does not attribute the decline in crypto solely to the shift in focus of traditional finance, he concurs with other bitcoin maximalists that it is partly influencing the downturn and may hinder any potential recovery.
“In bear markets, with uncertainty, it's simpler for investors to opt for something tangible. Stablecoins and tokenization are seen as more concrete and ‘real-world’ by many compared to bitcoin,” he noted.
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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 ResearchJun 15, 2026In 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.
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