"This year's bear market harsher than three years ago... Virtual assets crowded out by AI and big tech"

Nic Carter, co-founder of Coin Metrics, diagnosed this year's virtual asset (cryptocurrency) market downturn as completely different in nature from the past.

Carter wrote on his X on the 15th (local time), "I judge 2025 to be, paradoxically, a 'worse' period than 2022." He added, "In 2022 there were many negative factors, but at least virtual assets were at the center of the market and received attention," and, "There was a clear cause for the price decline that could be resolved, so there was confidence that once the process was passed, it could rebound."

By contrast, he analyzed that this year's market is different. Carter said, "Now virtual assets have become a forgotten child," and pointed out, "AI and large US tech stocks have taken over the market, and individual investors' attention is concentrated on data center, quantum computing, and rare earth-related stocks." He diagnosed, "The current decline in virtual asset prices is due not to a specific negative event but to lack of attention, absence of buyers, market fatigue, and the aftereffects of long-running digital asset treasury strategies (DAT)."

However, he cautioned against interpreting this as the end of the market. Carter said, "The concepts of the 'four-year cycle' or 'altcoin season' that we were accustomed to are no longer valid," and, "This does not mean it's the end." He added, "To make money going forward you must create real value," and, "This will sound harsh to many."