a16z crypto report shows: Over 13 million meme coins will be issued in the first half of 2025. Major CEXs are adding 300-500 new tokens overall. Institutional funds are taking up a larger share of the total capital in the crypto space, while the scale of retail investors (aka 'retail traders') is shrinking. Additionally, CEX exchanges are starting to introduce trading for US stocks, commodities, and precious metals one after another. This will further diversify the funds away from cryptocurrencies. The motivation behind CEXs doing this also reflects their concerns about the activity or growth rate of long-term crypto trading, which is why they are beginning to expand into US stocks and commodities.