ARK Invest says crypto industry shakeout is deepening

ARK Invest crypto research director Lorenzo Valente said the crypto industry is undergoing a deeper shakeout than in past bear markets and is likely to see more mergers and acquisitions, bankruptcy filings and project shutdowns in the coming months. In a post on X, Valente said projects and exchanges lacking product-market fit are being pushed out of the market, while capital is concentrating in a small number of major projects.