A debate is emerging over how to interpret crypto’s sluggish performance in 2025: is it standard post-crisis consolidation, or evidence that the sector has lost the spotlight?

On Nov. 14, Kevin McCordic of Monad and investor Nic Carter offered sharply different takes on the downturn. McCordic, director of growth at the Monad Foundation and known as “intern” on X, argued that the current weakness is mild compared with the chaos of 2022 — a year defined by lender failures, exchange collapses, and widespread liquidations. He described the drawdown as uncomfortable but normal, saying crypto is now deeply integrated into global markets and “things are going to be ok.”

Carter, a general partner at Castle Island Ventures and cofounder of Coin Metrics, pushed back. To him, 2025 “feels worse” because crypto is no longer the center of market attention. With buyers stepping back and few clear catalysts on the horizon, he said prices are drifting without direction. Carter added that the old four-year cycle framework and expectations of an “alt season” look increasingly outdated, arguing that future gains depend on building products that deliver real utility.

The opposing views point to different strategies: if this is typical consolidation, the right move may be to stay patient and prepare for a cyclical rebound. But if the slump reflects diminished attention and a lack of meaningful catalysts, upside may hinge on adoption, revenue, and tangible progress before capital rotates back into the sector.

Bitcoin was trading near $95,234 at 9 p.m. UTC on Nov. 15, up 0.9% on the day. Year to date, BTC has gained 1.93%, trailing the S&P 500’s 14.75% rise and the Nasdaq Composite’s 18.77% rally.