Dorman identified 3 areas of blockchain growth... Bitcoin is separate

Arca CIO Jeff Dorman identified stablecoins and payments, DeFi, and real-world asset tokenization as blockchain's three growth areas, arguing in a July 6 note that Bitcoin (BTC) participates in none of them. His core claim is that rising blockchain usage does not automatically translate into value accrual for existing tokens, a point he also made on February 17 when he warned that traditional financial firms building their own infrastructure and stablecoins could capture the economic benefits of adoption rather than incumbent tokens. The argument matters because it challenges the common assumption that broader on-chain activity lifts BTC and ETH by default, suggesting capital could rotate toward protocols directly tied to payments, lending, and tokenized assets. What to watch next is whether stablecoin supply, DeFi total value locked, and tokenized RWA volumes keep expanding without a corresponding bid in Bitcoin and Ethereum, which would validate Dorman's decoupling thesis.