Cathie Wood: Off-Chain Crypto Firms Outpace On-Chain Revenue 8.5x

Cathie Wood amplified LorenzoARK analysis showing off-chain entities captured roughly $70B in 2025 revenue against $8B for on-chain protocols, an 8.5x gap that reframes the entire crypto cycle investment approach by directing capital toward end-user platforms rather than base-layer tokens. The breakdown reveals exchanges and brokers dominating 66 percent of centralized flows while L1s and L2s claim nearly half the smaller on-chain pool, underscoring why early stakes in traditional exchanges and infrastructure delivered clearer returns than most protocol tokens. This concentration around trading rails and user abstraction continues to shape allocation decisions across the sector.