Bitget CEO Gracy Chen labels crypto market a ‘monkey market’

Gracy Chen, CEO of the cryptocurrency exchange Bitget, has characterized the current state of the crypto market as a ‘monkey market,’ describing it as a period of erratic price fluctuations rather than a traditional bull or bear market.

Chen highlighted a significant lack of innovation and real-world utility within the sector. She noted that many Layer-1 and Layer-2 projects with multi-billion dollar market capitalizations suffer from extremely low user and developer engagement, with some networks reporting only single or double-digit daily active developers. Furthermore, she observed that sectors such as GameFi, SocialFi, and NFTs have failed to meet previous expectations, struggling to compete with established traditional platforms.

Despite these criticisms, Chen identified potential growth in the integration of blockchain with traditional finance. She suggested that the most significant opportunities lie in stablecoins, real-world asset (RWA) tokenization, and cross-border payments, which address specific, practical needs.