On Nov. 14, Monad’s Kevin McCordic and investor Nic Carter offered opposing reads on the cryptocurrency crash in 2025, split on whether it’s a routine consolidation or a routine light catalysts.
McCordic, chief growth officer at the Monad Foundation, who calls himself an “intern” at He called the drawdown an awkward but typical consolidation after a crisis and said that cryptocurrencies are integrated into global finance and that “things are going to be fine.”
Carter, general partner at Castle Island Ventures and co-founder of Coin Metrics, responded that 2025 feels “worse” because cryptocurrencies are no longer “the star of the show.” In his view, prices are fluctuating without clear catalysts as buyers dwindle and attention shifts elsewhere. He added that the four-year playbook and “alt-season” notions seem outdated and that profits now depend on shipping products that provide real value to the user.
The two readings imply different approaches. If this is a standard consolidation, patience and positioning for a cyclical rally makes sense. If the weakness reflects a loss of focus and weak catalysts, returns likely depend on product adoption and revenue before capital returns.
Bitcoin was trading at around $95,234 at 9 pm UTC on November 15, up 0.9% in the last 24 hours. Year to date, BTC is up 1.93% versus gains of 14.75% for the S&P 500 and 18.77% for the Nasdaq Composite.
