Bitwise Chief Investment Officer Matt Hougan predicts the next cryptocurrency bull market will be slower and less volatile as institutional investors prioritize real-world applications over speculative digital assets.

Key Points

• Bitwise CIO Matt Hougan expects a more gradual crypto market recovery due to shifting institutional interest toward tokenization and artificial intelligence.
• Bitcoin remains approximately 50% below its record high, with the CoinDesk 20 Index down 34% this year.
• Stablecoin market capitalization reached a record $322 billion, with projections suggesting it could grow to $4 trillion by 2030.
• Registered investment advisors continue to show high engagement with bitcoin despite current market volatility and price declines.
• Real-world asset (RWA) perpetual futures volumes rose 10.4% in May, reaching an all-time high even as broader exchange volumes declined.

Why it Matters

This shift indicates that institutional capital is moving toward tangible, utility-driven blockchain applications rather than purely speculative trading. The trend suggests a maturing market where long-term growth is increasingly tied to real-world financial integration rather than rapid, high-volatility price cycles.