“One camp frames 2025 as routine post-2022 consolidation, while another says attention has shifted to AI and clear crypto catalysts have thinned.”, — write: www.coindesk.com
Nic Carter and Kevin McCordic offer opposing views on 2025. (Midjourney / Modified by CoinDesk)
- Kevin McCordic frames 2025 as routine consolidation after 2022 failures.
- Nic Carter argues 2025 feels worse as attention shifts to AI.
McCordic, director of growth at Monad Foundation who goes by “intern” on X, argued that today’s jitters are modest compared with 2022, when credit lenders failed, exchanges imploded and cascading liquidations hit tokens. He cast the drawdown as uncomfortable but typical consolidation after crisis and said crypto is embedded in global finance and “things are going to be ok.”
Carter, a general partner at Castle Island Ventures and cofounder of Coin Metrics, countered that 2025 feels “worse” because crypto is no longer “the star of the show.” In his view, prices are drifting without clear catalysts as buyers thin out and attention shifts elsewhere. He added that the four-year playbook and “alt season” notions look obsolete and that gains now hinge 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 rebound make sense. If weakness reflects lost attention and thin catalysts, returns likely depend on product adoption and revenue before capital rotates back.
Bitcoin traded at around $95,234 at 9 pm UTC on Nov. 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.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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The investment, which accounts for 20% of Harvard’s reported US-listed public equity holdings, is notable.
- Harvard University’s endowment has disclosed a $443 million stake in BlackRock’s iShares Bitcoin Trust (IBIT), making it the fund’s largest known equity position.
- The investment, which accounts for 20% of Harvard’s reported US-listed public equity holdings, is notable as institutional investors typically avoid ETFs, favoring private equity and real estate instead.
- The move comes as the price of bitcoin has plunged over 5% in the past week, but IBIT remains the world’s largest spot bitcoin ETF with nearly $75 billion in net assets.
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