Analysis: Crypto industry growth is no longer tied to Bitcoin price; institutions are focusing on long-term utility and infrastructure.

CoinFeed reported on June 9th, citing Bloomberg, that Bitcoin has lost approximately $235 billion in market capitalization this year, while the altcoin market has been hit even harder, with its total market capitalization falling from a peak of $431 billion in November 2021 to around $170 billion. The entire ecosystem that once promised to reshape finance is shrinking, consolidating, or quietly disappearing. Meanwhile, some of the most important business activities in various industries are growing at a faster pace than ever before. Stablecoins are becoming part of the global payment system, with annual transaction volume of approximately $390 billion. Wall Street firms are racing to tokenize stocks, bonds, and money market funds, banks and payment companies are integrating digital dollars, and prediction markets are attracting mainstream users. BlackRock's tokenized money market fund, BUIDL, has assets worth $2.4 billion, and Nasdaq has partnered with Kraken to offer tokenized stocks; more than $30 billion of various assets have already been tokenized.