LATEST: Bitwise CIO Matt Hougan says the next bull market will be "slower, less volatile, and more institutional" than past ones, but built on a stronger foundation.

What happened

Bitwise CIO Matt Hougan said the next cryptocurrency bull market will be slower, less volatile, and more institutional, and that it will be built on a stronger foundation.

Confirmed

Global impact / market context

If the next rally is calmer and driven by more institutional money, investors may see lower price swings, longer holding periods, and potentially steadier returns, which could change how they allocate capital.

Analyst inference

The comment arrives after a recent stretch of sharp price swings in crypto, where large investors have been hesitant, highlighting the contrast between current volatility and the calmer market the CIO envisions.

Analyst inference

What to watch

1. The pace at which institutional investors increase crypto exposure, because more fund money could lower volatility and support higher valuations. Analyst inference
2. Changes in crypto market volatility indices, since a slower rally would be reflected in reduced price‑movement metrics. Analyst inference
3. Capital spending by crypto‑related firms on compliance and custodial services, as a stronger institutional foundation may require more regulated infrastructure. Analyst inference

Evidence

• x.com