Kevin McCordic sees routine consolidation, while Nic Carter warns the sector has lost its spotlight
The crypto market’s sluggish performance in 2025 has sparked a debate among industry analysts: Is this simply a normal post-crisis cooldown, or is the sector losing momentum as investor attention shifts elsewhere? Two prominent voices — Kevin McCordic of Monad Foundation and investor Nic Carter — offered sharply different interpretations this week.
McCordic, who oversees growth at the Monad Foundation, argued that 2025’s turbulence looks mild when viewed against the backdrop of the 2022 crisis. That year saw credit lenders collapse, major exchanges implode, and a cascade of liquidations across the market, conditions he says were far more destabilizing than anything happening today.
“These jitters aren’t 2022,” McCordic said. “This is what consolidation looks like after a systemic shock. Crypto is firmly embedded in global finance now, and things are going to be okay.”
He characterized the current downturn as an expected, if uncomfortable, cooling phase — the sort that typically sets the groundwork for the next cycle.
But Nic Carter, general partner at Castle Island Ventures and cofounder of analytics firm Coin Metrics, offered a contrasting take. Carter said 2025 feels ‘worse’ precisely because crypto is no longer the center of global attention. In his view, capital flows have thinned, catalysts are scarce and investor focus has migrated to sectors like AI.
“Crypto isn’t the star of the show anymore,” he said, warning that familiar narratives like the four-year halving cycle and “alt season” are losing relevance. He argued that future gains will depend less on macro cycles and more on shipping products that deliver real user value.
The differing perspectives point to diverging strategies: a patient, cycle-based approach if consolidation is the correct reading, or a product-first, revenue-focused path if attention loss is driving the slump.
Bitcoin traded near $95,234 on Nov. 15, up 0.9% over 24 hours but only 1.93% higher year-to-date — far behind the S&P 500 and Nasdaq Composite.
As the market searches for direction, the central question is whether crypto is recharging or simply being overshadowed.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.