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Despite a bearish market, Genesis’ second quarter was the firm’s largest quarter to date in terms of originations.

Ethereum and decentralized finance (DeFi) tokens are pushing Genesis Capital’s lending business to new heights, according to the firm’s “Q2 Market Observations” report published Wednesday.

Genesis, which is owned by Digital Currency Group, the parent company of CoinDesk, reported that it is seeing bitcoin’s role changing in the bear market. From late 2020 until the end of the second quarter, Genesis saw bitcoin’s dominance in market cap decline from over 70% to under 45%, while ether (ETH, +7.77%) and prominent DeFi tokens doubled in value during that time.

According to Genesis’ report, bitcoin (BTC, +3.22%) accounted for 42% of the firm’s loan book in the second quarter – a drop of 12 percentage points from the end of 2020 – and bitcoin spot trading was down to 47% in the second quarter from highs of 80% in last year’s fourth quarter

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