The crypto market in 2025 has been characterized by a prolonged period of stagnation, a stark contrast to the wild optimism and despair that have swung through crypto news headlines over the past 12 months. The question on many people's minds is whether this is truly the worst crypto bull market experienced to date.
For those not strategically holding Bitcoin and witnessing its value increase, the reality has often been financial loss. As Scott Melker, known as the Wolf of All Streets, observed, "If you didn’t just buy Bitcoin and hold, you have probably lost money." He further elaborated that the market has lacked the anticipated altcoin season and accessible exit opportunities, leading to significant portfolio declines for many participants. Even major holders, or "whales," have struggled as previously favored "treasury plays" have underperformed, a situation Melker described as "Brutal for almost all participants."
No Alt Season, No Mercy
The much-anticipated altcoin season failed to materialize this cycle, leaving many altcoin traders feeling disheartened. Crypto Birb, an altcoin trader, captured the prevailing sentiment by stating, "Extremely difficult cycle tbh. Yes I know. Hard to believe its still bull market at all. Well it is – but only for bitcoin. Everything else is down -90% or more."
The only areas showing gains in the crypto market have been overshadowed by the poor performance of most other assets. Crypto Birb attributed this divergence to the significant adoption of digital assets by large institutions, suggesting that "Smart money took what’s valuable—good on them." However, this institutional focus came at the expense of the retail investor, who often turned to meme coins, leading to frustration as they chased speculative pumps. Birb criticized this trend, calling it "Ultimate max stupidity and value extraction and biggest cancer – memecoins." He concluded that the market participants were responsible for their own predicament, stating, "We got played. BY OURSELVES. This is our punishment for choosing hype over utility."
Bitcoin: The Only Survivor in the Crypto Market
The current crypto prices present a challenging landscape. While Bitcoin has shown resilience, trading above $110,000 in late October, the performance of other cryptocurrencies has been dismal, resembling the aftermath of a significant market manipulation event. The market has witnessed the largest crypto liquidation event in history, with $19 billion wiped out in a single 24-hour period, a figure substantially larger than the worst day experienced during the FTX collapse.
Even within the Bitcoin community, there have been ongoing debates. WhalePanda expressed strong opinions regarding the impact of institutional involvement and the unexpected market downturn following a rate cut decision. He stated, "Another day, another abysmal performance. “But it’s only thanks to the ETFs that BTC recovered after FTX” …It’s the bull market, after the introduction of ETFs that failed."
Broken Cycles and Unbroken Spirits
The traditional 4-year cycle theory in the crypto market may need re-evaluation, as the current cycle's trajectory suggests the bull market could be nearing its end. The performance of crypto-related stocks has been volatile, with many experiencing significant drops. Even large holders have seen their investments decline. Crypto Birb noted that with persistently high US interest rates, "Doing crypto is considered unattractive." However, he also identified potential catalysts for improvement, stating, "Luckily, November is strong month on record. Rate cuts should give some boost, too. So placing some hopes there."
Despite these hopes, the crypto market prices experienced a decline following a modest rate cut and a hawkish outlook from the Federal Reserve for the remainder of the year. The market's performance in November will be a key indicator for future trends.
Lessons, Laughter, and Looking Ahead
For individuals closely following crypto news in search of optimism, this bull run has presented considerable challenges, particularly for those who entered the market recently. Crypto Birb suggests that while not all market cycles are as punishing as this one, the current cycle has been exceptionally difficult for new entrants.
Looking forward, Birb offers a dose of realism common in the volatile crypto market: the perceived bottom is rarely the actual lowest point. Investors who believe a token cannot fall further after substantial losses should remain prepared, as the crypto market has a history of finding even greater declines.
The implications for retail investors are sobering. However, there is a hope that future crypto news headlines might report wins for smaller investors, rather than solely focusing on institutional gains. Until then, securing private keys, finding humor in market volatility, and surviving to participate in the next cycle remain key objectives for many in the crypto space.