BeingInvested

😱 $BTC rally masks bleaker picture in the crypto world.

▪️ Hedge fund investments in crypto startups dropped sharply in Q3 2024, down 20% from the previous quarter;

▪️ Declining demand for once-popular assets has led to layoffs at companies like #DYDX, Kraken, and ConsenSys;

▪️ Coinbase’s Q3 earnings report on Wednesday disappointed, causing a 15% plunge in its stock price on Thursday;

▪️ Many blockchains promoted as Bitcoin alternatives have failed to gain traction;

▪️ The #NFT and #Web3 gaming sectors have been in decline for two years;

▪️ Regulatory uncertainty could drive up costs for major U.S. crypto exchanges, according to Re7 Capital.

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Source bloomberg