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Bitwise CIO: Next Crypto Bull Run to Be Slower, Calmer as Investors Favor Stablecoins, Tokenization

Matt Hougan of Bitwise says the crypto bear market is pushing investors toward stablecoins and tokenization, portending a slower, less volatile next bull run.

📅 June 18, 2026 🕐 1 min read

2 assets impacted (Crypto). Net bias: 1 Bullish, 0 Bearish, 1 Neutral. Strongest signal: ETH/USD ↑ 6/10 (65% confidence).

📊 Affected Assets (2)

ETH/USD

Bullish 🤖 65%

📆 Mid-term 🌍 Global ✨ Inferred

The article highlights a shift toward tokenization, which primarily occurs on Ethereum and other smart contract platforms. Increased tokenization activity drives demand for ETH as gas fees and staking for network security, potentially boosting ETH's utility and price. This inference links directly to the article's emphasis on tokenization as a trend.

Catalysts

▲ Growing adoption of tokenization of real-world assets driving Ethereum network usage
▲ Investor appetite for more tangible crypto investments

Risk Factors

▼ Competing layer-1 blockchains could capture tokenization market share
▼ Regulatory hurdles for tokenized securities could slow adoption

▼ Show FAQ (3) ▲ Hide FAQ

How does tokenization benefit Ethereum?

Tokenization of assets increases on-chain activity, requiring ETH for transaction fees and potentially staking, boosting demand for the token.

Is the shift toward tokenization immediate or longer-term?

It is a mid-term trend likely to accelerate in the next market cycle as institutional interest grows, but the timeline depends on regulatory clarity and infrastructure development.

What other blockchains could benefit from tokenization?

While Ethereum leads, platforms like Solana and Avalanche also support tokenization, but Ethereum has the largest developer and user base currently.

BTC/USD

Neutral 🤖 60%

📆 Mid-term 🌍 Global · Explicit

The article quotes Bitwise CIO Matt Hougan saying the next crypto bull run will be slower and less volatile as investors shift toward stablecoins and tokenization. This implies a maturation of the market, reducing the likelihood of explosive upside for Bitcoin but also tempering downside risk. No explicit bullish or bearish call is made, so the near-term outlook is neutral.

Catalysts

• Shift in investor preference toward tangible assets like stablecoins and tokenization
• Bear market conditions with 'doubts swirling'

Risk Factors

• If speculative appetite returns strongly despite the prediction, volatile price swings could resume
• Regulatory changes could alter the trajectory of tokenization and stablecoin adoption

▼ Show FAQ (3) ▲ Hide FAQ

What does Matt Hougan's prediction mean for Bitcoin's price in the next bull run?

He expects a slower and less volatile uptrend, suggesting Bitcoin gains may be more gradual and sustained rather than parabolic, as investors flock to more tangible crypto assets.

Why are investors moving toward stablecoins and tokenization?

During the bear market, doubts have made investors seek safety and yield; stablecoins offer low volatility and tokenization provides exposure to real-world assets on-chain.

How does this shift affect Bitcoin's dominance?

It could lead to a more diversified crypto market where Bitcoin's market share declines as capital flows into tokenized assets and stablecoin yields, but Bitcoin remains a core holding.

🎯 Key Takeaways

The next crypto bull market will likely be less volatile and slower than previous cycles, according to Bitwise CIO Matt Hougan.
Investors are increasingly drawn to stablecoin yields and tokenization of real-world assets during the bear market.
This shift signals a maturation of the crypto market from speculative frenzy to tangible utility.
The trend could reduce the dramatic price spikes and crashes historically seen in Bitcoin and other cryptocurrencies.
Ethereum stands to benefit significantly from tokenization as the dominant smart contract platform.
Market participants are seeking safety and yield in stablecoins amid current market doubts.
If the prediction holds, traditional buy-and-hold strategies may outperform short-term trading in the next cycle.

📝 Executive Summary

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.

❓ FAQ

What is the main prediction from Bitwise’s Matt Hougan?

Hougan forecasts that the next crypto bull run will be slower and less volatile as investors pivot from speculative bets to stablecoins and tokenized real-world assets.

Why are stablecoins and tokenization becoming more popular?

In the current bear market, investors are seeking lower-risk, tangible investments; stablecoins offer yield without volatility, while tokenization provides exposure to traditional assets on blockchain.

How does this shift affect Bitcoin?

It may lead to less dramatic price increases for Bitcoin and a more diversified market where other assets capture a larger share of investment flows.

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