The crypto industry has always lived with volatility, but what is unfolding now feels different. The downturn that began after the October 10, 2025 crash has not eased — it has widened, deepened, and begun swallowing entire companies. What started as a sharp correction has evolved into a slow‑moving contraction, one that analysts now say is beginning to resemble the 2022 crisis, when giants like FTX and Three Arrows Capital collapsed and reshaped the entire sector’s psychology.
Across the ecosystem, shutdowns are no longer isolated events — they are becoming a pattern. DappRadar, once a central hub for decentralized‑app analytics, has gone dark. Cryptomixer, a service that once thrived in the privacy‑focused corners of the blockchain world, has also closed its doors. And perhaps most symbolic of the moment, Nifty Gateway, one of the earliest and most recognizable NFT marketplaces, has entered its final phase, moving into withdrawal‑only mode as it prepares to shut down completely.
These closures are not happening in a vacuum. They are part of a broader structural reset rippling through the industry. Major players — companies once considered too established to wobble — are cutting staff in an attempt to survive the contraction. OKX, MANTRA, and Polygon Labs have all initiated layoffs as part of internal restructuring, a sign that even the strongest firms are bracing for prolonged turbulence.
The numbers behind the slump tell their own story. The 2025 crash wiped out more than a trillion dollars in market value, triggering liquidations, draining liquidity, and exposing the fragility of over‑leveraged positions across exchanges and DeFi platforms. Analysts now warn that the current downturn is not merely a correction but a systemic stress event — one that increasingly mirrors the psychological and structural shock of 2022.
What makes this moment particularly unsettling is the sense of déjà vu. The industry has been here before — the cascading failures, the layoffs, the sudden closures, the quiet disappearance of once‑loud projects. But unlike 2022, this slump is unfolding in a more mature ecosystem, one with deeper institutional involvement and far higher expectations. The fall from a $4 trillion market to a fractured, contracting landscape feels heavier, more consequential.
Yet within the contraction lies a truth the industry has learned repeatedly: crypto does not collapse all at once. It contracts, consolidates, and eventually rebuilds. The companies shutting down today are the casualties of a cycle that has defined the sector since its birth. The ones that survive — leaner, more cautious, more disciplined — will shape whatever comes next.
For now, though, the slump continues to ripple outward, and the list of casualties grows longer. The industry is holding its breath, waiting to see how deep this downturn will cut — and which names will still be standing when the market finally turns.
Editorial Disclaimer
This article provides general information about recent developments in the cryptocurrency industry. It is not intended as financial advice, investment guidance, or a recommendation to buy, sell, or hold any digital asset. Cryptocurrency markets are volatile and subject to rapid change; readers should conduct their own research and consult qualified financial professionals before making investment decisions. All company names, events, and market conditions referenced here reflect publicly available information at the time of writing and may evolve over time.