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BTC The reshuffle of the cryptocurrency industry accelerates: The sequelae of the 2020-2021 investment boom appear
It is reported that after the intensive investment period in the cryptocurrency field in 2020 and 2021, the industry's reshuffle process is accelerating. Ryan Kirkley, CEO of the Global Clearing Network (GSN), said projects that had received high valuations but failed to establish a sustainable revenue model are starting to exit the market.
According to Kirkley, since the beginning of 2026, more than 100 cryptocurrency and blockchain projects have ceased operations, filed for bankruptcy or have actually disappeared. This trend in this field is largely due to the investment craze in 2020-2021.
Kirkley pointed out that during this period, many startups raised large amounts of money at high valuations, but a considerable number of those projects failed to develop business models that could generate actual revenue or profits. These companies continue to rely on new rounds of financing to survive, coupled with tightening capital markets, making these problems even more prominent.
According to Galaxy Research, in the first quarter of 2026, venture capital investment in the cryptocurrency and blockchain fields was approximately US$4 billion, and a total of 355 investment transactions were completed during this period. Although total investment has almost halved from the fourth quarter of 2025, the number of transactions has dropped by only 16%.
This data shows that the tightening in financing in this sector is mainly due to the decline in very high-value investment rounds.
Kirkley believes that some cryptocurrency sectors may become stronger after continued market cleanup. He specifically mentioned that stablecoin projects, digital banking, institutional wallet services and payment and settlement infrastructure are expected to stand out in the future.
In contrast, he said social token projects, memocoins and some Web3 game startups may face greater pressure.
Kirkley also pointed out that interest in blockchain among the corporate and public sectors continues. The GSN CEO said he had met with government representatives from seven different countries in the past month and said the interest of governments and large institutions was shifting from decentralized finance methods in the traditional cryptocurrency space to reducing financial costs, application scenarios such as asset tokenization and cross-border payments.
Bitcoin needs to pay attention to the US$61,200 mark
Kirkley also evaluated the Bitcoin market, describing the current trend as a "moderate bear market."
According to Coakley, US$61,200 is a key support level for Bitcoin. He said that if prices fall below this level, leveraged funds may be forced to sell, a situation that could accelerate Bitcoin's downward trend.
Analysts believe that a break below the US$61,200 support level may open up more room for Bitcoin to fall, even pointing to the US$41,000 level.
* This article does not constitute investment advice.
