On November 14, 2025, Kevin McCordic of Monad Foundation and Nic Carter of Castle Island Ventures presented opposing views on whether the current crypto market downturn is worse than 2022's crisis. McCordic described it as typical post-crisis consolidation, while Carter argued it feels more challenging due to shifting attention to AI and fewer market catalysts.
The debate highlights differing interpretations of the cryptocurrency market's performance in 2025 compared to the tumultuous year of 2022. Kevin McCordic, director of growth at Monad Foundation and known as 'intern' on X, argued that the current market jitters are modest relative to 2022, when credit lenders failed, exchanges imploded, and cascading liquidations impacted tokens. He characterized the drawdown as an uncomfortable but typical consolidation following a crisis, emphasizing that crypto is now embedded in global finance and 'things are going to be ok.'
In contrast, Nic Carter, a general partner at Castle Island Ventures and cofounder of Coin Metrics, contended that 2025 feels 'worse' because crypto is no longer 'the star of the show.' He pointed to prices drifting without clear catalysts, thinning buyer interest, and attention shifting elsewhere, such as to AI. Carter noted that traditional four-year playbooks and 'alt season' concepts appear obsolete, with future gains depending on shipping products that deliver real user value.
These perspectives suggest varied strategies for investors. McCordic's view supports patience and positioning for a cyclical rebound, while Carter's implies a focus on product adoption and revenue generation before capital potentially rotates back to crypto.
At 9 p.m. UTC on November 15, 2025, Bitcoin traded at around $95,234, up 0.9% in the past 24 hours. Year to date, BTC has risen 1.93%, lagging behind the S&P 500's 14.75% and the Nasdaq Composite's 18.77% gains.