On November 14, Monad’s Kevin McCordick and investor Nick Carter offered opposing views on crypto’s 2025 recession, differing on whether this is a routine consolidation or a catalyst-light grind.
McCordick, director of development at the Monad Foundation, known as an “intern” on He called the decline an uncomfortable but typical consolidation after the crisis and said crypto is embedded in global finance and “things are going to be OK.”
Carter, general partner at Castle Island Ventures and co-founder of Coin Metrics, said that 2025 looks “worse” as crypto is no longer “the star of the show.” In his view, prices are rising without a clear catalyst as buyers become fewer and attention turns elsewhere. He said the notions of a four-year playbook and “alt season” look obsolete and that profit now depends on shipping products that provide real user value.
The two readings reflect different viewpoints. If this is standard consolidation, patience and positioning for a cyclical reversal makes sense. If the weakness reflects lost focus and weak catalysts, returns depend on product adoption and revenues before capital can be rotated back in.
Bitcoin traded at around $95,234 at 9pm UTC on November 15, up 0.9% over 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.