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Starting with the return of Donald Trump to the White House, where most of the cryptocurrency market anticipated a familiar scenario: pro-crypto rhetoric, friendlier regulation, institutional investment inflows, and renewed risk appetite should combine to create a bull market.
Instead, as 2025 approaches, the cryptocurrency market ended the year at significantly lower levels, settling at only 20% of its peak during the Biden era.
Even with Trump, the cryptocurrency market is still only at 20% of Biden-era levels
The contradictions are at the heart of a growing debate on whether cryptocurrencies have been in a rough patch, or if something more fundamental has broken.
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Ran Neuner, analyst and host of “Crypto Panther,” said via His statement It’s time to admit that the cryptocurrency market is broken.
The analyst highlighted an unprecedented gap between fundamentals and prices. According to Neuner, in 2025 “all the requirements of a bull market” are present:
Neuner said that even with all of the above, we will end 2025 at lower levels and are only 20% of where we were under Biden.
This suggests that traditional explanations are no longer valid. Theories look around Four-year coursesretained liquidity, or instant IPO Cryptocurrencies are only a posteriori justifications, not real original answers.
According to Neuner, this results in a market that has only two possible paths:
- The presence of a hidden structural seller or mechanism that suppresses prices, or
- Cryptocurrencies are set for what he calls “the mother of all redemption trades” as markets eventually return to balance.
Not everyone agrees that something is broken
Markets commentator Gordon Gecko, a popular user of X, countered, explaining that the pain is intentional and structural, not a dysfunction.
Nothing is off, Gordon Gekko wrote; This is exactly what the market makers wanted. Sentiment is at its lowest levels in years, and leveraged traders are losing everything. It shouldn’t be easy; Only the strong will be rewarded. books.
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This split reflects a deeper change in cryptocurrency behavior compared to previous cycles. During Trump’s first term from 2017 to 2020, cryptocurrencies flourished in a regulatory vacuum.
Individual speculators dominated, leverage remained unchecked, and reversal momentum drove prices well beyond their fundamental value.
During the Biden eraOn the contrary, the market has become institutionalized. The regulations adopted were restricted to early implementation Take risks, while exchange-traded funds (ETFs), portfolios and compliance frameworks reallocate and flow capital.
Paradoxically, many of the strongest driving factors expected in the cryptocurrency market emerged in this narrower era:
This achieved a goal without reflective interaction.
Bitcoin is holding up as altcoins collapse in the new crypto ecosystem
This was a structural change Especially painful for altcoinsAnalysts and opinion leaders such as Shanka Anselm and others believe that a single market for digital currencies no longer exists.
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The year 2025 has been split into two separate “games”:
- Institutional cryptocurrencies: Bitcoin, Ethereum, and ETFs with broken volatility, long horizons, and
- Coins of Interest: Millions of tokens compete for fleeting liquidity and most of them collapse within days.
Capital no longer flows smoothly from Bitcoin to altcoins, This is, what is called the altcoin season, or the altcoin season. Instead, scroll directly to the required authorization.
Anselm wrote: Now your only options: institutional crypto trading with patience and awareness of the macroeconomic situation or careful crypto trading with speed and robust infrastructure.
This opinion stated that holding altcoins based on investment thesis for months is now the worst possible strategy.
Anselm added that it is never too early for the altcoin season, you are waiting for a market structure that no longer exists.
This can be the basis of a trader’s conviction, knowing where to look. Lisa Edwards supports this view, calling on market participants to understand liquidity flows.
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Lisa Edwards says things change, cycles change, and money moves in new ways. If you wait for the old altcoin season, you will miss the things that are already moving in front of you.
Quentin François echoes this sentiment, noting that the number of tokens in 2025 far exceeds previous cycles. With more than 11 million tokens in the market, the idea of ​​a long altcoin season like in 2017 or 2021 may just be a thing of the past.
Between Repricing and Recovery: Post-Institutional Testing of Cryptocurrencies
Meanwhile, general economic pressures continue to influence public sentiment. Nick Buckrin, investment analyst and co-founder of CoinBuru, notes that Bitcoin’s pullback toward its 100-week moving average reflects renewed fears of an AI bubble, uncertainty around the Fed’s future leadership, and fiscal loss-cutting selling towards the end of the year.
All of this leads to a lackluster end to 2025, Nick Bokren said in an email to BeanCrypto, warning that BTC could temporarily drop below 80,000 if the sell-off intensifies.
It is difficult to determine if the cryptocurrency market is broken or just coming back, and investors should do their own research.
However, what is clear is that the expectations of the Trump era collide with the market structure of the Biden era, and the old playbook no longer applies.
Discussions between Economists and investors in headquarters To hard requotes or Violent price recovery to compensate for the delaywhich can determine the identity of digital coins after entering the institutions.
