The “era of speculation” in the crypto industry seems to be coming to an end.

The CEO of Galaxy Digital says the current drawdown isn’t just a correction, but a structural shift in the industry.
What’s happening:
Since the start of the year, BTC is down 21%, and from the October 2025 highs it’s down nearly 50%.
There’s no clear trigger like the FTX collapse.
Still, the market is recovering from $19.3B in liquidations in October, when 1.6 million traders were liquidated in a single day.
Retail doesn’t come for 11% annual returns. They chase 10x or 30x. But institutions have now entered the space with a very different risk profile.
What’s next?
Speculation won’t disappear, but it will take a back seat.
Crypto platforms will increasingly be used for real-world assets (RWAs).
Tokenized stocks and real assets with more moderate returns will become the new normal.