Cathie Wood is pointing investors toward a different way of thinking about where crypto’s biggest opportunities have emerged this cycle.

“Follow the developers, as always, and get as close to the end user as possible!” the ARK Invest CEO wrote on X on Aug. 18, endorsing research from ARK analyst Lorenzo Valente on where crypto businesses actually generated revenue in 2025.

Valente’s analysis estimated that centralized crypto companies produced roughly $70 billion in annual revenue, compared with about $8 billion for on-chain protocols and blockchains, or about 8.5 times more.

Related: Billionaire who once sued Zuckerberg has major Bitcoin prediction

The numbers help explain Wood’s point….