The broader crypto backdrop remains volatile. Bitcoin has fallen 46% from its October all-time high of $126,100 to around $67,246, according to market data. At the same time, Google searches for “Bitcoin going to zero” have surged to their highest level since the post-FTX panic of November 2022 — signaling rising retail anxiety.

Despite continued institutional inflows into Bitcoin ETFs, sentiment across retail markets appears fragile. As trading patterns evolve and speculative sectors like NFTs cool, the industry may be entering a more mature — and potentially more consolidated — phase, where only firms aligned with shifting market dynamics survive.