The crypto market’s sluggish performance in 2025 has sparked a split in opinion: some see it as standard post-2022 consolidation, while others argue the sector is drifting without meaningful catalysts.
On Nov. 14, Kevin McCordic of Monad and investor Nic Carter offered contrasting interpretations of the downturn. McCordic, growth director at the Monad Foundation and known as “intern” on X, said the current pullback pales in comparison to 2022 — a year marked by cascading failures among lenders, exchange collapses, and sweeping liquidations. He framed 2025’s softness as a natural cooling phase after crisis, adding that crypto is now entrenched in global finance and poised to recover.
Carter, general partner at Castle Island Ventures and cofounder of Coin Metrics, took the opposite stance. He argued that 2025 “feels worse” because crypto has faded from market focus. With attention shifting to AI and other sectors, and with buyer demand thinning, he said the market is moving sideways without clear drivers. Carter also noted that familiar narratives like the four-year cycle and “alt season” no longer fit today’s environment, stressing that future gains will rely on real products gaining real users.
These viewpoints map to two different playbooks. If this is routine consolidation, long-term positioning and patience may prove effective. If the slump reflects a loss of attention and a lack of strong catalysts, returns may depend on tangible adoption, revenue, and product progress before capital meaningfully returns.
Bitcoin traded around $95,234 at 9 p.m. UTC on Nov. 15, up 0.9% over the prior 24 hours. So far in 2025, BTC has risen 1.93%, lagging both the S&P 500’s 14.75% gain and the Nasdaq Composite’s 18.77% advance.
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