Crypto’s 2025 Slump Sparks Debate Between Monad’s Kevin McCordic and Investor Nic Carter

Crypto markets in 2025 are stirring contrasting interpretations from industry voices, with Monad Foundation’s Kevin McCordic and venture capitalist Nic Carter offering sharply different reads on the ongoing downturn. Their opposing perspectives highlight the uncertainty facing investors as Bitcoin hovers around $95,234, up just 0.9% on the day and a modest 1.93% year to date—well behind the S&P 500 and Nasdaq Composite.

McCordic, who serves as director of growth at the Monad Foundation and is widely known on X as “intern,” argues that the current slump is far from disastrous. He notes that despite the discomfort, today’s pullback pales in comparison to the turmoil of 2022, when the industry watched credit lenders collapse, major exchanges unravel, and liquidity disappear across the market. According to him, the present environment looks more like a natural consolidation period following years of crisis rather than a signal of deeper structural weakness. McCordic maintains that crypto has become too interconnected with the global financial system to be derailed by routine volatility, adding that the sector remains fundamentally resilient.

Carter, general partner at Castle Island Ventures and cofounder of Coin Metrics, sees things differently. He argues that 2025 “feels worse” precisely because crypto is no longer the center of attention. Instead of drawing consistent capital inflows, the market appears to be drifting, with few compelling catalysts to re-energize buyers. Carter believes that familiar narratives—like the four-year market cycle or the hope for an inevitable “alt season”—no longer carry the weight they once did. In his view, meaningful gains will come only from teams shipping real products that deliver clear value to users, not from nostalgia-driven expectations.

These contrasting views point investors toward different strategies. If this is standard consolidation, patience and positioning for the next cyclical rebound may pay off. But if the slump reflects fading attention and a shortage of catalysts, growth will likely come from projects proving real-world adoption and generating revenue before broader capital returns to the sector.