Cathie Wood cites LorenzoARK data: off-chain crypto companies generated $70B revenue in 2025 versus $8B on-chain, reshaping crypto cycle investment strategy.

Off-chain firms like Coinbase and Binance capture $70B versus $8B on-chain, with L1s and protocols lagging as users pay premiums for simplified access.

According to @glassnode, off-chain signals are weakening as spot and futures indicators decline, indicating softer participation and rising sell-side pressure (source: @glassnode). @glassnode also notes increasing options hedging demand and low-conviction ETF indicators, reflecting cooling institutional support (source: @glassnode).