Crypto industry revenue fell 23% year on year to $47 billion in the first half of 2026, or about $14 billion less than a year earlier, according to crypto investment firm 1kx. The decline was led by weaker asset prices and trading volumes that hit traditional crypto businesses: revenue from centralized exchanges, derivatives platforms and market makers fell by $5.2 billion, on-chain DeFi revenue dropped by $1.8 billion, or 32%, ETF and fund management fees declined by $1.1 billion, and staking, mining, transaction-fee and MEV income also weakened sharply, pushing blockchain infrastructure's share of industry revenue to a record-low 25%. At the same time, stablecoins, RWA issuance, prediction markets and DePIN grew 14% to $12 billion, lifting their share of sector revenue to 26%, while DeFi and financial activity still represented the industry's largest segment at 64%.