Arca CIO Jeff Dorman: crypto crisis as DeFi hits Wall Street (Jan 21, 2026)

On January 21, 2026, Arca CIO Jeff Dorman argued that crypto is in an "existential crisis," claiming value from tokenization and stablecoin adoption is accruing to intermediaries and only a few DeFi tokens, token launchpads, and GLXY stock may benefit. Macro investor Dan Tapiero disagreed, while BTC was $88,992, down 1.9% over the past 24 hours.