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Wood Backs Analysis: Off-Chain Companies Dominate Crypto Value Capture

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Cathie Wood has endorsed a detailed analysis by her colleague Lorenzo Valiente on the cryptocurrency market. The study found that off-chain and centralized companies are capturing far more value than on-chain protocols and Layer 1 chains.

According to the research, off-chain companies generated roughly $70 billion in 2025, which is 8.5 times more than what on-chain protocols and L1s earned.

Wood said that the analysis offered a 'great perspective' on how to invest in this cryptocurrency cycle. She advised investors to follow developers and get as close to the end user as possible.

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