The #crypto industry is talking about the end of the “period of speculation.”
According to the CEO of #GalaxyDigital , the current decline is not just a simple correction, but a structural shift in the industry.
What’s happening?
$BTC is down about 21% year-to-date, and has fallen about 50% from its October 2025 high.
This time, there is no clear trigger like the #FTX crash.
Still, the market is recovering from the $19.3 billion liquidation that occurred in October, when 1.6 million traders were liquidated in a single day.
Retail investors usually don’t come for 11% annualized returns — they chase 10x or 30x returns.
But now institutional investors have entered the market, with a completely different risk profile and strategy.
What could happen next?
Speculation won’t be completely eliminated, but its importance may diminish.
Crypto platforms will gradually be used for real-world assets (RWAs).
Tokenized stocks and real assets, with relatively modest returns, may become the new normal.
