Wu Blockchain (@WuBlockchain): ARK Invest: Crypto Consolidation, Bankruptcies and Shutdowns to Increase in Coming Months

ARK Invest: Crypto Consolidation, Bankruptcies and Shutdowns to Increase in Coming Months ARK Invest researcher Lorenzo Valente said the crypto industry is undergoing a deeper consolidation than previous bear markets, with capital allocation becoming increasingly concentrated as teams and exchanges lacking product-market fit exit the market. Revenue concentration remains high across multiple sectors, including applications, infrastructure, and L1s. Hyperliquid and PumpFun account for 67% of total application revenue, while the top three projects, including Ethena, account for nearly 80%. Valente expects industry M&A activity, bankruptcy filings, project shutdowns, and talent acquisitions to increase further in the coming months.