• Key insight: Despite all the focus, the crypto industry wasn’t a major challenger to the banking industry.
• Supporting data: Bitcoin’s trading volume, measured not in dollars but in bitcoin terms, has been falling for nearly a decade.
• Look ahead: The industry still faces plenty of competition from neobanks and fintechs for both customers and deposits.

On a solely bottom-line, industrywide basis, the banking industry looks great right now. Second-quarter net income hit $90 billion, the largest number in more than 40 years and almost certainly the highest number ever. The industry in fact has not had an unprofitable quarter since the fourth quarter of 2009. 
By other measures, though, things look less rosy. The industry’s return on assets in…