BTC drops back to $67,000, with nearly half of investors at a loss, and the founder is still dumping—this market reminds me of 2022, but on-chain infrastructure has actually become more solid.

Kruger states that cryptocurrencies as an asset class have essentially failed after long-term growth and blockchain applications, with most tokens struggling to create lasting value, only stablecoins, tokenization, and prediction markets remaining attractive. Bitcoin is about $67,000, nearly 50% below its 2025 peak, with approximately 15–25% of BTC investors in unrealized losses. Some tokens lack practicality and effective value capture, with founders frequently selling off. Nevertheless, blockchain continues to thrive, with stablecoin supply around $322 billion, and prediction markets trading approximately $6 billion this year.