Major shakeups are coming for the crypto industry as falling prices and tighter funding push larger firms to acquire or absorb weaker players, according to Bullish CEO Tom Farley.
Farley said the same consolidation that reshaped traditional exchanges is now likely to hit digital-asset firms, arguing that inflated valuations kept fragile businesses alive longer than fundamentals justified.
“Many teams mistook products for businesses,”
Farley said in a CNBC interview, adding that buyers are now demanding scale, recurring revenue and durable income streams.
He warned that mergers will inevitably pick winners and losers, with some projects integrated into bigger platforms while others disappear altogether.
Venture capital discipline has already tightened, with Ajna Capital chief investment officer, Eva Oberholzer, saying investors are shifting away from ideas toward companies with proven revenue and clearer models.
Bitcoin’s volatility has reinforced caution, with the asset trading around $68,000–$70,000, well below its October peak, and daily swings adding to buyer hesitancy.
For teams and investors, Farley said consolidation will likely mean job cuts, abrupt changes and a market that increasingly rewards operational strength over speculative promises.
At the time of reporting, Bitcoin price was $70,396.41.