TradFi Advisors Choose Stablecoins Over Bitcoin: Bitwise 2026 Data

Bitwise Chief Investment Officer Matt Hougan recently held conversations with more than 40 advisers at large US financial institutions. The takeaway was clear. Bitcoin holds little interest for them right now. The bulk of questions came about stablecoins and tokenization.

Hougan shared his observations in a note published June 11, 2026. He said the advisers were "still interested in crypto" but "more interested today in stablecoins and tokenization than they are in Bitcoin." The shift is worth understanding properly.

40 Advisers, One Signal

Hougan did not dress up his words. "It was pretty hard to engage with advisors on Bitcoin this week," he wrote. Call after call delivered the same picture. Representatives of major financial institutions wanted to discuss practical blockchain applications, not a volatile asset.

Hougan noted that from conversation to conversation, advisers showed far greater curiosity about real-world blockchain applications: from capital markets to global payments. This is not abstract interest in technology. It is a signal about where money is heading.

Bitwise, known primarily for its crypto index funds and ETFs, has long run educational sessions for registered investment advisers in the US. The "40+ advisers" sample therefore represents real conversations with people managing substantial assets, not an online poll. Not newcomers, not skeptics. Their focus has simply shifted.

Bitcoin Down 30% in Five Months

The market backdrop explains the shift. Bitcoin lost about 30% of its value since the start of 2026 and was trading near $62,500 on June 10. Compared with the November 2024 peak around $108,000, this is a prolonged correction with no clear recovery in sight.

The stablecoin market told a different story over the same period. Daily settlement volumes in USDT and USDC kept growing even as crypto prices fell. For advisers managing conservative portfolios, the stability of a settlement instrument matters more than speculative upside.

Circle's IPO in June 2025 became a separate reference point. Shares debuted at $31, surged to $240 within weeks, then corrected. By early June 2026 they traded near $79. Even after a 67% drop from the peak, the stock is still twice the IPO price. Bitcoin lost 30% over the same period.

Stablecoins and Tokenization Take Center Stage

Regulatory frameworks have finally caught up with practice. In the US, the GENIUS Act established a legal basis for stablecoins in corporate payments. In the EU, MiCA has been in force since mid-2025. For large institutions, this means USDT and USDC can now enter products without legal risk. Several major banks are already running pilot programs in this area.

Tokenization added a separate narrative. The SEC, according to media reports, is considering allowing tokenized stock trading on-chain. If that happens, traditional securities would be available for round-the-clock trading in a blockchain environment. For advisers whose clients follow private placements, this is a concrete tool, not a concept.

Hougan captured the mood simply. He said it is hard to turn on CNBC without hearing SEC Chair Paul Atkins, Goldman Sachs CEO David Solomon, or BlackRock CEO Larry Fink talk about stablecoins and tokenization. "Investors want to be a part of that," he wrote.

Which Platforms Advisers Are Watching

During his conversations, Hougan recorded a set of names that came up repeatedly. Among blockchains, Ethereum, Solana, Canton Network, Chainlink, and Avalanche were mentioned most often. Among companies, advisers named Figure, Circle, Coinbase, and Hyperliquid.

All of these platforms share one trait. Each either already shows real capital movement through tokenization or stablecoin settlements, or expects it soon. Not a speculative narrative. Working infrastructure.

• Ethereum and Avalanche: primary networks for tokenized RWAs and corporate smart contracts
• Chainlink builds the oracle infrastructure that makes on-chain pricing of real assets possible
• Canton Network is designed for interbank settlements and the needs of large financial institutions
• Circle and Coinbase are directly tied to stablecoin issuance and exchange infrastructure
• Hyperliquid came up in the context of new derivatives products aimed at institutional clients

What Would Start the Next Bull Market

Hougan turned to cyclical patterns. Previous crypto bull markets were always started by two forces. New products and new types of investors. In 2017 the catalyst was ICOs and retail buyers. In 2020-2021 it was DeFi and the first corporate treasuries. Bitcoin ETFs in 2024 opened the door to a new wave of institutional capital.

This dynamic could matter for the broader crypto market. If stablecoins and tokenization attract new institutional participants, market liquidity would rise across all assets. Bitcoin would benefit from a larger market too, even if it is not the main topic of conversation right now.

In Hougan's view, the new investor class could be financial advisers and their clients at large institutions. This audience is almost entirely absent from crypto markets today. If it arrives with money flowing into stablecoins and tokenized assets, it could trigger the next cycle. Hougan still warns against excessive optimism, though. Institutions move through internal approvals and lengthy compliance processes. The timeline is measured in quarters. The direction, it seems, is already set.