The cryptocurrency industry is experiencing a significant downturn as key figures and investors express doubts about its future. Multicoin Capital co-founder Kyle Samani, a prominent advocate of Web3 and Solana, announced his departure from the industry, signaling a loss of faith among major players. This comes as the global market for risky assets, including cryptocurrencies, faces a severe decline due to tightening monetary policies and rising interest rates. The collapse of the industry's two main narratives—Bitcoin as digital gold and Web3 as the future of the internet—has further exacerbated the situation. Bitcoin's correlation with U.S. tech stocks has increased, undermining its status as a safe haven. Meanwhile, the rise of AI has overshadowed blockchain technology, leading to a shift in capital and talent away from the crypto sector. As major companies like Gemini and Bit[.]com scale back operations, the industry is left grappling with its future direction.