Crypto markets are increasingly moving in different directions as the industry fragments into separate sectors with distinct drivers, a trend some analysts say could signal a more mature phase for digital assets rather than a weakening market.

While Bitcoin continues attracting institutional money through exchange-traded funds, decentralized finance activity has slowed, stablecoins are gaining traction as payment infrastructure, and blockchain networks are processing growing transaction volumes even as many crypto tokens struggle to rise in price.

Bitwise CEO, Hunter Horsley, says the crypto market has effectively split into four major segments:

• stablecoins and payments,
• Bitcoin as a macro…