Bitwise CIO: 2026 Will Be Crypto’s True Bull Run – Here’s What Wall Street Isn’t Telling You

The crypto winter thaws—but the real fireworks start in 2026. Bitwise's Chief Investment Officer just dropped a market-moving prediction, and TradFi dinosaurs won't like it.

Why 2026? The Institutional Domino Effect

Post-ETF approvals cleared the regulatory fog. Now pension funds—yes, your grandma's retirement—are quietly building positions. When they flip the switch, liquidity floods the market like a broken dam.

The Retail Trap

Mainstreet investors keep chasing 10% APY stablecoins while whales accumulate. Pro tip: When Goldman Sachs starts offering 'blockchain wealth management,' the smart money's already three steps ahead.

A Cynical Footnote

Remember—Wall Street only embraces innovation after extracting 90% of the upside. The 2026 bull run? Just bankers rebranding their 24-karat FOMO as 'asset diversification.'

TLDR

• Bitwise CIO Matt Hougan believes 2026 will be crypto’s true bull year, not 2025, as the lack of a late 2025 rally prevents an early bear market
• Institutional investment, regulatory progress, stablecoins and tokenization are driving forces that Hougan says are “too big to keep down”
• Crypto-native retail investors are currently depressed after FTX collapse and altcoin disappointments, while traditional retail investors continue moving into crypto
• Major financial institutions like BlackRock and Fidelity are still in early stages of crypto adoption but building necessary infrastructure
• Tokenized assets could bring trillions of dollars into blockchain finance as the technology gains mainstream acceptance

Bitwise Chief Investment Officer Matt Hougan told Cointelegraph at The Bridge conference in New York City that he expects 2026 to be crypto’s real bull market year. His confidence has grown because the anticipated late 2025 rally did not materialize.

🔥 NEW: Bitwise CIO Matt Hougan says 2026 will be crypto's real bull year.

Fundamentals like institutional investment and tokenization are “too big to keep down." pic.twitter.com/vmxWKqQ1hH

— Gunner 🌅 (@GKanetaka) November 13, 2025

Hougan explained that a rally at the end of 2025 WOULD have followed the traditional four-year cycle pattern. This would have meant 2026 would start a bear market similar to 2022 and 2018. Without that rally, the market has more room to grow.

“I’m actually more confident in that quote,” Hougan said when asked to revise his 2026 prediction. “The biggest risk was we ripped into the end of 2025 and then we got a pullback.”

Bitcoin currently trades around $101,762. Ether sits at $3,416. Hougan believes both can reach new highs by 2026, though not as extreme as some predictions.

Institutional Forces Driving Growth

Hougan pointed to several fundamental factors supporting his outlook. Institutional investment continues to increase. Regulatory progress is moving forward. Stablecoins and tokenization are gaining traction.

“I think the underlying fundamentals are just so sound,” Hougan said. “I think these earlier forces, institutional investment, regulatory progress, stablecoins, tokenization, I just think those are too big to keep down.”

Major financial firms like BlackRock, Fidelity and Franklin Templeton have launched or expanded digital asset products. Most of these institutions remain in early stages of adoption. They are still learning how tokenized assets and blockchain settlements work.

Once these systems operate at full capacity, capital flowing into crypto markets could increase substantially. Institutional adoption takes time but brings stability and legitimacy to the market.

Tokenization as a Game Changer

Tokenization represents a key driver for Hougan’s bullish view. The process converts real-world assets like property, bonds and company shares into digital tokens on blockchain networks. This makes assets easier to trade, track and access globally.

Experts estimate tokenized assets could bring trillions of dollars into the crypto space. As governments and banks accept this technology, the industry moves closer to mainstream use.

Hougan also mentioned Uniswap’s fee switch proposal from Monday as a potential catalyst. He believes it could reinvigorate interest in decentralized finance protocols in the coming year.

Current Market Conditions

Hougan blamed the current market pullback on “crypto-native retail” investors. Many early investors have sold large positions recently. Those who expected a repeat of the 2020-2021 bull cycle faced disappointment.

“Crypto native retail is depressed, they were beaten down by FTX, they were beaten down by the memecoin debacle,” Hougan said. “They were beaten down by the altcoin season not arriving.”

Traditional retail investors show different behavior. Spot crypto exchange-traded fund inflows have risen over the past two years. “Traditional retail, like my uncle, he’s moving into crypto, that part of retail is still alive,” Hougan stated.

Hougan’s prediction aligns with Bitcoin’s typical price cycle. After each halving, Bitcoin usually rises within 12 to 18 months. That pattern suggests the next peak could occur in 2026 when regulations should be clearer and blockchain technology more widely accepted.