Bitwise CEO Hunter Horsley has identified a division within the cryptocurrency industry, categorizing it into four distinct sectors: stablecoins and payments, Bitcoin, tokenization and on-chain finance, and blockchain infrastructure. According to NS3.AI, Horsley noted that each of these segments is progressing along its own adoption curve and regulatory trajectory. This separation could allow Bitcoin to benefit from ETF inflows, while decentralized finance (DeFi) and infrastructure tokens may experience slower growth.