A growing divide has emerged over how to interpret crypto’s muted performance in 2025. Some industry voices say the market is simply digesting the gains and shocks of recent years, while others argue the sector has lost momentum as attention shifts elsewhere.
On Nov. 14, Monad’s Kevin McCordic and Castle Island’s Nic Carter presented sharply different explanations for the downturn. McCordic — the Monad Foundation’s director of growth, known online as “intern” — contended that today’s market weakness is far less severe than the crisis conditions of 2022, when major lenders unraveled, exchanges collapsed, and token markets were hit with cascading liquidations. He framed the current drawdown as a typical consolidation phase that follows periods of extreme stress, adding that crypto’s integration into global finance provides a firmer long-term base.
Carter disagreed. The Coin Metrics cofounder argued that 2025 “feels worse” because crypto is no longer at the forefront of investor attention. With buyers thinning out and few compelling catalysts emerging, he said prices appear to be drifting out of neglect rather than reacting to specific shocks. Carter also suggested that long-standing assumptions — including the four-year cycle and the prospect of an “alt season” — no longer reflect today’s environment. In his view, the next wave of returns will depend on real product adoption, measurable user growth, and tangible value creation.
The contrast points to two different strategic lenses. If the downturn is merely consolidation, long-term holders may benefit from patience and positioning ahead of a rebound. But if the weakness stems from lost attention and shallow narrative support, sustained upside may require concrete revenue, usage, and product traction before capital meaningfully rotates back.
As of 9 p.m. UTC on Nov. 15, bitcoin traded around $95,234 — up 0.9% on the day. Year to date, BTC has climbed just 1.93%, far behind the S&P 500’s 14.75% rise and the Nasdaq Composite’s 18.77% increase.
