Crypto Consolidation 'Extremely Bullish': ARK's Valente
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- Lorenzo Valente, ARK analyst, said crypto is entering its biggest consolidation phase in history and expects the trend to accelerate in coming months through more M&A, Chapter 11 bankruptcies, project shutdowns, and acqui-hires.
- Valente described the shakeout as "extremely bullish" for the crypto industry despite the closures.
- BitMEX announced it will shut down its exchange in September following a strategic review by owner HDR Global Trading, after accelerating delistings of trading pairs and derivative contracts citing insufficient trading interest.
- BitMart announced it will end trading services on Aug. 26 and wind down operations entirely by January 2027, following a review of operating conditions, market environment, and future strategic direction.
- Bybit launched a locally operated exchange in Indonesia earlier this month after acquiring a majority stake in local digital asset firm NOBI, expanding its presence in one of Asia's largest crypto markets.
- ARK is publicly pushing back against a16z's claim that "TradFi wants blockchain, not DeFi," per a related ARK commentary referenced in the source.
Why it matters: Valente's framing inverts the usual collapse narrative — mass exchange shutdowns and bankruptcies are being cast as a market-maturing signal rather than a crisis. The BitMEX September closure and BitMart's January 2027 wind-down give the consolidation thesis concrete, dated milestones for investors and founders to track.
