PANews 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 the industry are growing at a faster pace than ever before.

Stablecoins are becoming part of the global payment system, with annual transaction volume reaching approximately $390 billion. Wall Street firms are racing to tokenize stocks, bonds, and money market funds, while banks and payment companies are integrating digital dollars, predicting the market will attract mainstream users. BlackRock's tokenized money market fund, BUIDL, has assets valued at $2.4 billion, and Nasdaq has partnered with Kraken to offer tokenized stocks; over $30 billion worth of various assets have already been tokenized. Total stablecoin transaction volume is projected to grow by 72% to $33 trillion by 2025. Analysts point out that Bitcoin price movements only reflect investor sentiment towards the asset and do not indicate the extent of underlying adoption. The crypto industry is transitioning from retail speculation to mature institutional use cases, with financial institutions focusing on long-term utility and infrastructure.