According to a recent report by Paul Veradttakit, executive partner of Pantera Capital, a cryptocurrency hedge fund, Bitcoin ETFs will not be the only headline news in the cryptocurrency industry this year. Instead, the focus will be on the Bitcoin DeFi ecosystem, halving, and tokenization. Veradttakit stated that although the economic downturn in 2022 will have a severe impact on cryptocurrency prices similar to the bear market, this is not because cryptocurrencies are facing a survival crisis. On the contrary, the main reason for the market crash is leverage and bad actors. As the Bitcoin DeFi infrastructure matures, it is possible to see the total lock-up volume of the Bitcoin DeFi ecosystem increase from the current $300 million to 1-2% of the Bitcoin market value, which is estimated to be $10-15 billion at current prices.