Recently, I noticed that large-scale layoffs are happening across the entire cryptocurrency industry.

The decision by Gemini to cut 30% of its employees indicates that this is not just a problem for a single company, but a sign that the industry as a whole is going through a major transition. The company has recorded an annual loss of $585 million, with a $140.8 million deficit in just the fourth quarter. These tough financial conditions seem to be driving a rapid push for efficiency, alongside investments in artificial intelligence.

What’s interesting is that Gemini’s situation isn’t unique. Looking at the industry as a whole, multiple players are moving in the same direction. A major exchange announced a 12% reduction in staff, Algorand implemented about a 25% cut, and Block Inc. laid off over 4,000 employees. In other words, this is a structural adjustment across the entire industry.

Gemini’s market share is less than 1%, and compared to Coinbase, it has about an 11-fold difference in the number of employees. Given this scale difference, the layoffs likely signify a shift toward a more efficient operational model.

In an environment where Bitcoin has fallen 44% from its October high, trading activity is also subdued, and the financial pressure on each company is significant. As the entire cryptocurrency market is in a correction phase, leveraging AI for efficiency may be an inevitable trend.

Within this industry restructuring, it’s worth watching which players will survive and what new business models will emerge. I believe this is a trend worth paying close attention to.