The crypto market’s sluggish 2025 has sparked a debate among industry observers, with some arguing the downturn is normal post-crisis consolidation and others saying the sector is suffering from a lack of attention and fresh catalysts.
On Nov. 14, Monad’s Kevin McCordic and Castle Island Ventures’ Nic Carter laid out opposing interpretations of the slump. McCordic — the Monad Foundation’s director of growth and known as “intern” on X — said the current softness is minor compared with the upheaval of 2022, when lenders collapsed, exchanges imploded, and tokens were hit by cascading liquidations. He described today’s pullback as a typical cooling period after a major reset, noting that crypto is now firmly embedded in the broader financial system and remains on stable footing.
Carter took a different view. The Coin Metrics cofounder said 2025 “feels worse” because crypto is no longer at the center of the market narrative. With investor attention migrating elsewhere and few compelling storylines to drive demand, he argued that prices are drifting due to a shortage of clear catalysts. Carter also pointed out that traditional expectations — such as four-year cycle dynamics or the return of “alt season” — seem increasingly outdated, suggesting that real user adoption and product value will be the primary drivers of future gains.
The contrast highlights two strategic mindsets: one based on waiting for the next cyclical rebound, and another centered on meaningful usage, revenue, and product traction as prerequisites for renewed capital inflows.
Bitcoin traded near $95,234 at 9 p.m. UTC on Nov. 15, up 0.9% on the day. For 2025, BTC has gained just 1.93%, significantly lagging the S&P 500’s 14.75% rise and the Nasdaq Composite’s 18.77% advance.
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