On the flip side of the layoff wave, the total value of crypto industry M&A deals in the first half of 2026 reached $9.37 billion, 26 times that of the same period last year. Traditional financial institutions are directly acquiring licenses, custody, and payment rails instead of building infrastructure from scratch. This contrast of layoffs and M&A reveals the true flow of capital during the bear market—spending on broad hiring and speculative growth is decreasing, but the investment in core infrastructure has never stopped.