Financial advisors are showing stronger interest in stablecoins and tokenization than in Bitcoin, Bitwise Chief Investment Officer Matt Hougan said after meeting with more than 40 advisors this week. In a Wednesday memo, Hougan said the conversations suggest advisors remain engaged with crypto during the bear market, but are increasingly focused on real-world applications rather than Bitcoin alone. He said stablecoins and tokenization are gaining traction across payments and capital markets, while broader investor concern about fiat debasement has faded. Hougan still described Bitcoin above $60,000 as “incredibly attractive” for long-term investors and said it has historically led crypto out of prior downturns. Even so, he argued the next bull market may be driven by new products such as stablecoins, tokenization and perpetual futures (crypto derivatives with no expiry), alongside a fresh wave of investors led by financial advisors and institutional investors. Hougan said advisors collectively manage more than $175 trillion and now have a “much broader and more nuanced view of crypto’s potential than they did even two years ago.”