On November 14, Monad’s Kevin McCordic and investor Nic Carter offered opposing readings on the 2025 crypto crisis, splitting on whether it was a routine consolidation or a light catalyst process.
McCordic, the chief growth officer at the Monad Foundation who calls himself an “intern” on He called the pullback an uncomfortable but typical consolidation after a crisis and said crypto is integrated into global finance and “everything will be fine.”
Carter, general partner at Castle Island Ventures and co-founder of Coin Metrics, countered that 2025 looks “worse” because crypto is no longer “the star of the show.” Prices are drifting without clear catalysts, he says, as buyers become scarcer and attention shifts elsewhere. He added that the notions of a four-year playbook and “alternate season” seem outdated and that winnings now depend on shipping products that deliver real user value.
the two readings imply different approaches. If this is a standard consolidation, patience and positioning for a cyclical rebound makes sense. If weakness reflects a loss of focus and thin catalysts, returns likely depend on product adoption and revenue before capital returns.
Bitcoin was trading at around $95,234 as of 9 p.m. UTC on November 15, up 0.9% over the past 24 hours. Year to date, BTC is up 1.93%, compared to gains of 14.75% for the S&P 500 and 18.77% for the Nasdaq Composite.
