[Analysis: Growth in the Crypto Industry No Longer Tied to Bitcoin Prices, Institutions Focus on Long-Term Utility and Infrastructure] According to Bloomberg, Bitcoin has lost approximately $235 billion in market value this year, while the altcoin market has suffered even greater losses, with total market capitalization dropping from a peak of $431 billion in November 2021 to about $170 billion. The entire ecosystem that once promised to reshape finance is shrinking, consolidating, or quietly disappearing. At the same time, some of the industry's most critical business operations are growing faster than ever. Stablecoins are becoming part of the global payment system, with an 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 reached $2.4 billion in asset value. Nasdaq has partnered with Kraken to offer tokenized stocks, and over $30 billion worth of various assets have already been tokenized.