Sergey Nazarov, a co-founder of Chainlink
He points to two details that stand out even though prices have fallen.
The overall market has dropped 44% from its October peak of $4.4 trillion. Close to $2 trillion has left the industry in a short period.
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Nazarov noted on X on February 10 that market rises and declines are normal, but each cycle shows how the industry is changing.
His first point focuses on what did not happen. Past declines often came with major company failures. Examples include the FTX collapse and lending firm shutdowns in 2022, which created wider problems across the industry.
Nazarov said nothing similar has happened this time. He believes this shows the market can now absorb price swings without triggering the same level of damage.
His second point concerns real-world asset tokenization and on-chain contracts tied to traditional commodities. These areas continue to grow even while crypto prices fall.
Nazarov argued this shows that some blockchain use cases now have value outside of speculation. Data from RWA.xyz shows that the on-chain value of tokenized real-world assets has risen 300% over the past year.
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founder Arthur Hayes said Bitcoin
