A divide is emerging over how to interpret crypto’s weak performance in 2025, with some industry voices calling it a normal cooldown and others viewing it as a sign of fading momentum.
On Nov. 14, Monad’s Kevin McCordic and investor Nic Carter outlined competing explanations for the downturn. McCordic, the Monad Foundation’s director of growth and known online as “intern,” said the current pullback is mild compared with the turmoil of 2022, when major lenders collapsed, exchanges unraveled, and tokens suffered cascading liquidations. He characterized today’s market as a routine consolidation phase, adding that crypto’s integration into mainstream finance means the long-term trajectory remains intact.
Carter, a general partner at Castle Island Ventures and cofounder of Coin Metrics, argued the opposite. He said 2025 “feels worse” precisely because crypto is no longer commanding market attention. With few compelling catalysts, shrinking buyer demand, and competing narratives—such as the rapid rise of AI—he said crypto prices are drifting more from neglect than crisis. Carter also suggested that long-standing assumptions about four-year cycles and “alt seasons” no longer apply, emphasizing that real adoption and product utility are now central to driving returns.
These opposing views point toward different strategies. If the market is simply consolidating, the focus is on patience and preparing for the next cyclical upswing. But if the weakness reflects diminished attention and a lack of strong narratives, upside may depend on tangible usage, revenue generation, and product traction before fresh capital rotates back into the space.
As of 9 p.m. UTC on Nov. 15, bitcoin traded near $95,234, rising 0.9% on the day. Year to date, BTC is up 1.93%, significantly trailing the S&P 500’s 14.75% advance and the Nasdaq Composite’s 18.77% increase.
