On June 17, 2026, Matt Hogan, Chief Investment Officer (CIO) of the cryptocurrency asset management firm Bitwise, gave an interview to CoinDesk, a leading U.S. cryptocurrency media outlet.He expressed the view that the next bull market (a market characterized by rising prices) in the cryptocurrency sector will be more gradual and less volatile—unlike past sharp rallies.He attributes this to the fact that, following a bear market (a market where prices are trending downward), investor interest has shifted toward areas with more tangible value, such as stablecoins (cryptocurrencies pegged to fiat currencies) and tokenization (the process of converting physical assets into digital securities on the blockchain).While Mr. Hogan has long been known as a Bitcoin bull, it is noteworthy that he is taking a level-headed view of the current market environment and shifts in investor behavior. His recent remarks offer important insights for considering the future direction of the cryptocurrency market.They suggest that the cryptocurrency market—which has often been characterized by its speculative nature—may be transitioning to a more mature stage.
The Next Bull Market: Gradual and Low-Volatility
Matt Hogan of the crypto asset management firm Bitwise predicts that the next bull market will take on a different character than in the past.
Until now, the cryptocurrency market has been characterized by high volatility—marked by repeated sharp price surges and declines.
However, according to his analysis, prices are expected to rise more gradually going forward, with volatility also decreasing.
This can be seen as a sign that the market is shifting from speculative frenzy toward more stable growth.
The expansion of the investor base and improvements in market infrastructure will also support this shift.
Shift in Investor Mindset: Focus on Intrinsic Value
Hogan points out that the current bear market and the “climate of skepticism” have brought about a shift in investor behavior.
During past bull markets, the rising prices of Bitcoin and altcoins were the primary focus.
However, he states that investor interest is now shifting toward “more tangible assets.”
Specifically, he cites stablecoins (crypto assets pegged to fiat currencies) and tokenization (the process of converting physical assets into digital securities on the blockchain).
This shift is driven by rising demand for more reliable assets amid volatile market conditions.
This shift has the potential to spread the recognition that crypto assets are not merely objects of speculation.
[Source: Original Text]
The Rise of Stablecoins and Their Appeal
As the name suggests, stablecoins are cryptocurrencies designed to maintain a stable value.
Most are pegged to fiat currencies such as the U.S. dollar and are characterized by low price volatility risk.
During bear markets, they have increasingly been used to preserve assets or as a temporary safe haven.
Furthermore, their practicality as a means of international remittances and payments is growing.
Investors are beginning to focus not only on price appreciation but also on the functional benefits of cryptocurrencies.
This can be seen as evidence that the cryptocurrency market is strengthening its practical aspects.
New Possibilities Opened by Tokenization
Tokenization is a technology that converts real-world assets—such as real estate, bonds, and works of art—into digital securities on the blockchain.
As a result, assets that previously had low liquidity can be divided into smaller units, making them easier to trade.
For example, it becomes possible to purchase a portion of a high-value real estate property as a token.
By leveraging the high transparency of blockchain technology, ownership transfers can also be carried out efficiently.
This technology holds the potential to bring new investment opportunities and greater efficiency to traditional financial markets.
Many institutional investors are showing strong interest in this field of tokenization.
Entry of Institutional Investors and Market Maturity
The entry of institutional investors (corporations that manage large amounts of capital, such as pension funds and hedge funds) into the crypto asset market is a key factor driving market maturity.
They place a high priority on strict risk management and compliance (adherence to laws and regulations).
Therefore, their entry contributes to improving the transparency and reliability of the market as a whole.
In addition, regulatory authorities are working to establish clearer rules in response to the activities of institutional investors.
These developments are expected to enhance market stability and curb speculative activity.
As a result, a more predictable and sustainable market environment will be established.
Future Outlook: A Shift Toward Practicality and Stability
Remarks by Mr. Hogan of Bitwise suggest that the crypto asset market has entered a new phase.
It is shifting from a market driven by speculation to one that prioritizes utility and stability.
Stablecoins and tokenization are concrete examples of this shift.
These technologies will become increasingly important as means of streamlining finance and creating new forms of wealth.
However, market evolution always brings new challenges.
It is essential to closely monitor regulatory trends and technological advancements and approach these developments with caution.
[Source: Original Article]
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