Crypto is Maturing: BTC Dominance and Institutional Focus
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NYDIG Researcher: Crypto Sector’s Maturation Process NYDIG researcher Greg Cipolaro noted that as the crypto sector matures, the number of applications capable of attracting investors is decreasing, and this is focusing the sector on long-term winners. The investable universe is narrowing to a limited area that carries traditional financial products to blockchain infrastructure: Bitcoin (BTC), tokenized assets, stablecoins, some decentralized finance (DeFi) infrastructures, and a few general-purpose blockchains like Ethereum. Cipolaro emphasized that once-hyped use cases like gaming, social networks, and the metaverse have failed compared to their centralized competitors; since centralized systems remain faster, cheaper, and more efficient in most institutional and consumer applications. Blockchain’s features like trustlessness, permissionlessness, and censorship resistance are only suitable for money and financial applications. The market reflects this: as BTC dominance increases, capital is concentrating in a few core categories. This narrowing could clarify long-term winners for BTC and financial infrastructure-related projects, but it may shrink the speculative breadth and total addressable volume of the crypto market. Bitcoin has continued to gain the lion’s share of the crypto market this cycle, even as its price has underperformed expectations. Source: NYDIG Turkish Net Holding Ranks 74th Among Institutional Holders with 352 BTC Reflecting this maturation trend in recent developments, Turkish company Net Holding (NTHOL.IS) ranked 74th among the largest institutional Bitcoin holders with its 352 BTC asset. This serves as an example strengthening BTC’s institutional preference, supporting Cipolaro’s thesis of narrowing focused on financial infrastructure. Bitmine’s ETH Losses and Bitdeer’s BTC Sales On the other hand, Ethereum (ETH)-focused positions are in trouble: Bitmine suffered an estimated $8.8 billion in unrealized losses due to ETH’s 60% drop in the last six months. Bitdeer reported zero Bitcoin holdings as of February 20; it completely sold its 2,000 BTC from year-end in eight weeks. These moves indicate…
Filed under: News - @ February 23, 2026 6:27 pm