Bloomberg: The growth of the cryptocurrency industry is decoupling from Bitcoin prices, with institutions focusing on long-term infrastructure and practical use cases
By: rootdata|2026/06/10 04:45:01
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According to Bloomberg, Bitcoin fell below $60,000 last week, with a market value evaporating by about $235 billion within seven days, nearly halving from last year's peak. The market value of altcoins has shrunk from a peak of $431 billion in November 2021 to about $170 billion, with less than 1,700 of the tens of millions of tokens created in recent years still having substantial trading activity. However, in stark contrast to the price trends, the most commercially valuable businesses in the crypto industry are accelerating growth.
The annual trading volume of stablecoins reached about $390 billion, with total trading volume soaring 72% to $33 trillion by 2025. Over $30 billion in assets have been tokenized, and BlackRock's tokenized money market fund BUIDL has an asset size of $2.4 billion. Visa and Mastercard are expanding stablecoin settlement capabilities, and Nasdaq is collaborating with Kraken to offer tokenized stocks.
Bloomberg Intelligence's Mike McGlone stated that the most important technology is stablecoins; when you have stablecoins, you don't need XRP or Bitcoin to store value. We are experiencing a cleansing, and this has only just begun. EMJ Capital founder Eric Jackson pointed out that "the Bitcoin price chart used to be the entire crypto story, but it is no longer."
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