Bullish CEO Tom Farley stated that the crypto industry is about to undergo a "large-scale consolidation," with the current market correction serving as a significant catalyst. In an interview with CNBC, he said that many companies will realize that "they are not running a business, but merely owning a product," and that future growth must be achieved through mergers and acquisitions. Farley pointed out that due to previously inflated valuations, industry consolidation should have occurred one or two years ago. As the bubble bursts, these unrealistic valuation expectations will come to an end. (Cointelegraph)