Global crypto industry revenue fell to $47 billion in the first half of 2026, down 23% year on year, or about $14 billion, as weaker asset prices and trading volumes hit traditional crypto businesses, 1kx said. The investment firm estimated that revenue at centralized exchanges (CEXs), derivatives platforms and market makers dropped by $5.2 billion, on-chain DeFi (decentralized finance) revenue fell by $1.8 billion, or 32%, ETF and fund management fees declined by $1.1 billion, and staking (locking crypto to earn rewards), mining, transaction-fee and MEV (maximal extractable value) income also weakened sharply, pushing blockchain infrastructure's share of industry revenue down to a record-low 25%. Not all segments fell: stablecoins, RWA (real-world asset) issuance, prediction markets and DePIN (decentralized physical infrastructure networks) grew 14% to $12 billion and accounted for 26% of industry revenue, helped by a $700 million rise in stablecoin and RWA issuer income, about $100 million more from stablecoin cards and payments, roughly $300 million of additional prediction-market fees, nearly doubled DePIN fees and about 70% growth in on-chain middleware led mainly by Chainlink. Despite lower absolute revenue, DeFi and financial activity still made up the industry's largest share at 64%, consumer on-chain application revenue fell about 20%, and 1kx said the current downturn remains stronger than the previous bear-market trough in the second half of 2022, when half-year revenue was about $28 billion.