"False optimism is over," says former New York Stock Exchange president. "The cryptocurrency industry is entering a period of major restructuring."
Analysis suggests that the cryptocurrency industry is entering a period of full-scale consolidation. Amidst accelerating industry restructuring and regulatory changes ahead of President Trump's re-election, the plunge in Bitcoin (BTC) is triggering a new turning point.
Tom Farley, former president of the New York Stock Exchange (NYSE) and current CEO of Bullish, said in an interview with CNBC on February 8 that the current fragmented structure will change significantly in the coming months as large companies in the cryptocurrency industry rapidly absorb smaller projects.
He emphasized, "Large-scale mergers and acquisitions, like those experienced in the past exchange industry, are now in full swing in the cryptocurrency market," and "This moment is the very starting point."
Bitcoin's plunge serves as a catalyst for consolidation.
The cryptocurrency market has experienced a significant correction in recent months. Bitcoin, which reached a high of $126,100 (approximately KRW 184.71 million) in October last year, has now fallen to around $69,405 (approximately KRW 113.58 million), a correction of nearly 45%. Paley explained that this plunge was a crucial moment that highlighted the need for industry consolidation.
He pointed out that "in reality, this industry consolidation should have happened a year or two ago," and that inflated corporate values and reckless investments delayed the restructuring process. He asserted that even companies with virtually no revenue demanded valuations of $200 million (approximately 293.1 billion won). "That illusion is now over," he said.
"We have products, but no business"… Now it's 'economies of scale.'
He criticized many cryptocurrency startups for remaining mere products without a true business foundation. He analyzed, "Founders with products, not businesses, are only now realizing the reality, and consolidation is inevitable to achieve economies of scale."
Industry insiders also echoed this sentiment. Eva Oberholzer, Chief Investment Officer at venture capital firm Azna Capital, said, "The market has now reached a mature stage," and that investors are adopting a more cautious and conservative approach.
2025: A Year of Stablecoins: A Rapidly Changing Industrial Landscape
Last year, the cryptocurrency market reached a significant turning point, focusing on utility and versatility rather than price. According to Matthias Bauer-Langartner, Head of European Policy at Chainalysis, "2025 was the year when stablecoins emerged as the central focus of transactions and established themselves as the primary means of on-chain activity."
The growth of stablecoins has also attracted the attention of regulators. In Europe, in particular, the introduction of the MiCA (Micro-Instant Coin Offering) bill and the subsequent restructuring of the regulatory framework have accelerated their entry into the institutional system.
However, the proliferation of stablecoins also has its downsides. According to a Chainalysis report, cryptocurrency illicit funds flow reached an all-time high in 2025, with most of it channeled through stablecoins. Cryptocurrency crimes are also evolving into more sophisticated and geopolitically oriented activities, fueled by nation-state cybercrime and sanctions evasion.
The crypto market faces the reality of survival and elimination.
As the cryptocurrency industry experiences growing pains, the key to success lies in "selection and focus." Unproductive projects will be absorbed by larger companies or liquidated, a process that could lead to large-scale workforce restructuring and the elimination of redundant business operations.
While this trend may be painful in the short term, it seems likely to serve as an opportunity to rectify the order in the cryptocurrency ecosystem in the long term. Tom Farley stated, "Now is the time to determine what the real business is and who will survive," adding, "The cryptocurrency market, like other traditional industries, is ultimately entering a period of consolidation and market share-driven competition."
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This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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