According to CoinMeta, data from the crypto investment firm 1kx shows that in the first half of 2026, the global crypto industry's total revenue dropped to $47 billion, a year-on-year decrease of 23%, representing a reduction of about $14 billion compared to the same period last year. The firm stated that the decline in revenue is consistent with the characteristics of a bear market cycle, as traditional crypto revenues from exchanges, brokerage services, wallets, staking, and mining are still highly dependent on asset prices and trading volumes. 1kx pointed out that this round of revenue decline mainly came from a significant drop in finance-related revenues and blockchain infrastructure revenues. Nevertheless, businesses with lower cyclical dependence, such as stablecoins, the issuance of real-world assets (_RWA), predictive markets, and decentralized physical infrastructure (DePIN), experienced growth of 14% in the first half of the year, reaching $12 billion in revenue and accounting for 26% of the industry's total revenue.