Bitcoin’s $235 Billion Crash Masks Bigger Shift in Crypto (1)

The easiest way to understand crypto used to be to look at Bitcoin.

When the world’s largest cryptocurrency rose, money flooded into startups, venture funds, exchanges and thousands of speculative tokens. When it crashed, businesses disappeared, funding dried up and activity slowed across the industry. Bitcoin wasn’t merely the biggest digital asset. It was the center of gravity for the entire crypto economy.

Now, some of the industry’s fastest-growing businesses are moving according to a different logic.

The coin is down sharply. On Friday, it fell below $60,000, extending a decline that has erased around half its value from ...