2025 Cryptocurrency Predicament: Old Dreams Shattered, New Paths Unclear
Yes, in 2025, many people feel it has never been this difficult. The prices of leading coins like BTC and ETH have dropped back to the levels of December 2024, and the prices of the top 50 altcoins are even lower than after the FTX collapse in 2022. Many people are left with nothing in this cycle, and the narrative of the "four-year halving bull market" seems to be failing.
📉 Core Predicament: Three Deadlocks Under Structural Change
The “low circulation + high FDV” model has completely collapsed.
The model that thrived over the past four years has crumbled. The massive unlocking of tokens by project teams and VCs (such as Polychain selling $240 million TIA) continues to flood the market, creating relentless selling pressure. New funds from traditional finance (like ETFs) only buy Bitcoin, refusing to take over high-valued altcoins.
The market is extremely crowded, caught in “PvP” internal strife.
Every week, 3-5 “high-quality projects” are launched at extremely high valuations, fiercely competing for limited existing funds. Without large-scale new capital entering the market, it has evolved into a zero-sum game of “existing capital mutual slaughter.” Airdrops are immediately crushed into stablecoins, and liquidity is becoming increasingly thin.
Loss of Value Logic, Narrative Completely Fails
The era of “tokens rising as soon as they hit CEX” has completely ended. Projects are severely homogenized, technologies are often unnecessary innovations, and the token economic models are poorly designed, failing to capture real value. The market has lost its shared belief and the momentum for rising.
💡 Breaking the Deadlock: Building in the Winter
When macro cycles and structural industry problems overlap, complaining is meaningless. The real way out is to:
Give up the fantasy of old models: Recognize that the era of “easy wealth” has ended. What the market rewards now is not boldness, but deep understanding and professional ability.
Build irreplaceable skills: The market may be quiet, but your abilities should not stagnate. Whether it's trading analysis, code development, community building, or industry research, find a direction that can be cultivated long-term and dig deep.
Wait and identify new paradigms: The next wave will inevitably be driven by breakthroughs in new technologies, explosions in new applications, or the establishment of new asset classes. Before that, conserve your ammunition, keep learning, and observe patiently.
