Recently, the Consensus Hong Kong 2026 has sparked heated discussions within the crypto community. This conference brought together key figures, project teams, and investors from the global crypto industry, who shared their insights and feelings about the current state of the industry from different perspectives.

Through frontline observations and guest discussions, a seemingly pessimistic “consensus” gradually emerged: the crypto world is no longer in the glorious era it once was.
Unlike previous years, the atmosphere at this year's conference was relatively subdued. There were fewer industry hot topics, and discussions at the main venue mainly focused on compliance, infrastructure development, and institutional business, rather than the high-profile new projects and new tracks that once drew much attention. The scene featured more institutional faces, with a noticeable decrease in retail investors and early-stage entrepreneurs compared to previous years, indicating that the industry is accelerating its “institutionalization and maturity.”
Many guests expressed similar feelings: industry sentiment is low, there is a lack of a shared growth narrative, and a large amount of capital and attention are beginning to shift toward the AI track. The integration of AI and Web3 has become a new trend, with project teams generally tagging AI onto their products and fundraising narratives, and some teams are even shifting directly from pure crypto fields to AI-related businesses. Overall, AI is grabbing the attention and resources that originally belonged to the crypto space.
Meanwhile, opinions on the future of the crypto industry are also diverging. Some believe the industry is not “finished,” but rather entering a period of transformation: the traditional “speculating on coins + rapid explosion model” is no longer suitable, replaced by directions such as compliance, payments, stablecoins, and real-world assets (RWA), which are more aligned with financial infrastructure. This could be beneficial for the industry’s long-term healthy development.
There are also views that this conference reflects a certain emotional state within the industry: not complete decline, but “lack of enthusiasm but not giving up.” Participants are more focused on how to find new opportunities within the existing market rather than chasing short-term quick profits.