**[Analysis: The "Easy Money Era" in the Crypto Industry is Ending, Over 100 Projects Have Collapsed Since 2026]** BlockBeats News, August 18 — Global Settlement Network (GSN) CEO Ryan Kirkley stated that the crypto industry is undergoing a large-scale shakeout, with projects that have inflated valuations, weak business models, and lack sustainable revenue gradually exiting the market. Since 2026, more than 100 crypto projects have shut down, filed for bankruptcy, or effectively disappeared. Kirkley believes this wave of failures is largely a consequence of the funding frenzy from 2020 to 2021, during which many projects secured massive financing at overly high valuations but lacked real revenue and viable paths to profitability, ultimately relying on continuous fundraising to sustain operations. According to Galaxy Research data, venture capital investments in the crypto and blockchain sectors amounted to approximately $4 billion in Q1 2026, involving 355 deals. This represents a roughly 50% decline in funding compared to Q4 2025, while the number of deals only dropped by 16%, indicating that the contraction in funding primarily stems from a reduction in mega-round financing. Kirkley suggests that stablecoins, digital banking, and wallet and settlement infrastructure targeting institutions could emerge as winners after the industry shakeout, while social tokens, meme coins, and certain Web3 gaming projects will face more severe challenges. Regarding Bitcoin, Kirkley noted that the current market is in a "mild bear market," with $61,200 as a key support level. If this level is breached, leveraged positions may be forced to liquidate, potentially opening the door for a further decline to $41,000. Meanwhile, Kirkley revealed that he has met with government representatives from seven countries over the past month. Interest in blockchain technology from institutions and governments is increasing, but their focus is more on applications such as reducing financial costs, tokenizing assets, and cross-border settlements, rather than the decentralized financial systems traditionally emphasized by the crypto industry. [Original Link]