ViaBTC chief executive Yang said the cryptocurrency industry has evolved into a global financial system over the past decade, as Bitcoin gains traction through ETFs and stablecoins expand as cross-border payment tools.
Marking the company’s tenth anniversary, Yang highlighted how adoption has accelerated beyond early communities of miners and developers, with digital assets increasingly integrated into mainstream finance.
Crypto adoption expands as use cases mature
Yang pointed to the rise of decentralized finance as a key shift, removing traditional barriers in activities such as market making and clearing. Platforms including Uniswap and GMX have replaced intermediaries with automated systems, allowing users to provide liquidity and execute trades directly on-chain.
Stablecoins have further enhanced accessibility by enabling low-cost international transfers, helping position crypto as a practical layer for global payments.
Market shocks expose structural weaknesses
Despite rapid growth, the industry has faced repeated disruptions. Yang cited the collapse of Mt. Gox in 2014, the $40 billion Luna failure in 2022, and the downfall of FTX as critical moments that exposed unresolved structural issues.
These events triggered periods of reassessment, though underlying risks often persisted through subsequent market cycles.
Speculation continues to drive cycles
Yang emphasized that speculative activity remains a defining force in crypto markets, shaping cycles of expansion and contraction.
Key periods include:
- the 2017 initial coin offering boom
- the 2020 decentralized finance surge
- the 2021 non-fungible token rally
Each wave brought capital inflows followed by corrections that tested whether projects could sustain real demand.
Utility and metrics shift focus away from price
According to Yang, blockchain, Web3, and crypto assets each serve distinct roles. Blockchain provides transparency and low-cost verification, Web3 enables user-owned networks, and tokens derive value either from network usage or liquidity and censorship resistance.
Bitcoin stands out as combining both transactional and monetary characteristics, while most tokens must prove utility beyond speculation. Metrics such as transaction volume and gas usage were highlighted as more meaningful indicators of value than price movements or market capitalization.
Open access brings both opportunity and risk
Yang warned that while open participation is a core strength of crypto, it also increases exposure to risk without intermediaries. He introduced the concept of “sustainable participation,” encouraging consistent engagement while managing volatility and avoiding unverified projects.
Infrastructure providers, including mining pools and settlement systems, were described as critical during downturns, proving their reliability under stress rather than during bullish periods.
Market trends point to consolidation
Looking ahead, Yang expects consolidation across blockchain networks, with liquidity, developers, and users clustering around a smaller number of dominant ecosystems. This trend reflects the current strength of Bitcoin and Ethereum.
He added that decentralized finance is likely to evolve toward serving professional traders and global liquidity flows, rather than fully replacing traditional banking. At the same time, integration with traditional markets through products like Bitcoin ETFs and tokenized securities may introduce new forms of gatekeeping.
Macro pressures test crypto resilience
Recent market conditions highlight these dynamics. Spot Bitcoin ETFs have recorded their longest streak of outflows, with approximately $5.75 billion withdrawn since mid-May 2026. For the week ending June 6, U.S. spot Bitcoin ETFs saw $1.72 billion in net outflows, the largest weekly exit since February 2025.
This selling pressure is tied to macroeconomic factors, including a hawkish Federal Reserve maintaining interest rates between 3.50% and 3.75%. Markets are now pricing in a 50.5% chance of at least one additional rate hike in 2026, reducing demand for non-yielding assets.
Stablecoins and payments show steady growth
Amid volatility, stablecoins are gaining traction as a core settlement layer. Total market capitalization has surpassed $312 billion, with projections reaching $1 trillion by the end of 2026.
Crypto-linked card payments also continue to grow, with monthly volumes exceeding $747 million in May, marking a 48.6% increase year-to-date and signaling expanding real-world usage.
Network competition intensifies as efficiency improves
Ethereum remains the leading decentralized finance platform, holding 52.49% of total value locked. However, competitors such as Base, BNB Chain, and Tron have increased their combined share from 15% to 18.5% this year.
At the same time, total value locked across DeFi has declined to $79.5 billion, reflecting broader market contraction. Still, Ethereum’s network efficiency has improved, processing more than 2 million daily transactions, up 75.9% year-over-year, while average fees have dropped to around $0.19 due to Layer 2 scaling solutions.
AI agents emerge as new network participants
Yang also pointed to a growing role for automated systems in crypto. AI-driven agents are beginning to use blockchain infrastructure for high-frequency, low-value transactions.
Recent initiatives from Mastercard and Coinbase highlight this trend, enabling AI systems to execute payments and trades. Between May 2025 and April 2026, AI agents processed $73 million across 176 million transactions, signaling the early development of an automated on-chain economy.
Long-term value tied to efficiency and trust
Yang concluded that the next phase of crypto will be defined by durability, transparency, and efficiency. He said the long-term success of any network will depend on its ability to reliably move value, reduce trust costs, and operate consistently regardless of shifting market narratives.
Explore how traditional finance meets DeFi in our guide to TradFi vs DeFi and navigate crypto’s evolving global system.
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