On November 14, Monad’s Kevin McCordic and investor Nic Carter offered opposing reads on crypto’s 2025 crash, split on whether it’s routine consolidation or a light catalyst.
McCordic, director of growth at the Monad Foundation, who is an “intern” at X, argued that today’s tremors are modest compared to 2022, when credit lenders failed, exchanges imploded and cascading liquidations hit tokens. He viewed the pullback as uncomfortable but typical post-crisis consolidation, saying that crypto is embedded in global finance and that “things will be ok.”
Carter, a general partner at Castle Island Ventures and co-founder of Coin Metrics, countered that 2025 feels “worse” because crypto is no longer “the star of the show.” In his view, prices are sliding without clear catalysts as buyers thin out and attention shifts elsewhere. He added that the four-year playbook and “all season” concepts look outdated and that gains now depend on shipping products that deliver real user value.
the two readings imply different approaches. If this is standard consolidation, patience and positioning for a cyclical recovery makes sense. If weakness reflects lost attention and thin catalysts, returns likely depend on product adoption and turnover before capital rotates back.
Bitcoin is trading at around $95,234 at 21:00 UTC on November 15, up 0.9% in the past 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.
