The crypto industry is entering a consolidation phase that goes deeper than anything seen in previous bear markets, according to ARK Invest researcher Lorenzo Valente. The warning isn’t abstract: capital is concentrating fast, weak projects are being flushed out, and the fallout — in the form of bankruptcies, shutdowns, and forced mergers — is only expected to intensify in the months ahead.

Key takeaways

• ARK Invest’s Lorenzo Valente says the current crypto industry consolidation is more severe than in any prior bear market cycle.
• Hyperliquid and PumpFun alone account for 67% of total application revenue across crypto; the top three projects including Ethena reach nearly 80%.
• Revenue concentration is high not just in…