The crypto market is undergoing a quiet but significant transformation. After Bitcoin surged past previous all-time highs and briefly touched $63,000 in early 2025, a sharp correction sent prices tumbling to around $56,000 — a drop of over 9% in a single day. Yet, just days later, BTC rebounded aggressively, climbing toward $65,000 with a daily gain exceeding 9.3%. While Bitcoin shows resilience, the broader market tells a different story: altcoins have seen steep declines, and investor enthusiasm has noticeably cooled.
Is this the end of the bull run? Or merely a consolidation phase before the next leg up?
To unpack these critical questions, we’ve gathered insights from four respected voices in the crypto space: Dashuo, technical advisor at HashGlobal; Laobai, research partner at ABCDE; Natalie, researcher at ChainFeeds; and Phyrex, an independent crypto analyst.
Is the Bull Market Over?
Market sentiment has shifted from euphoria to uncertainty. Many retail investors are asking: Has Bitcoin peaked? Is the party over?
Dashuo believes we're in the middle innings of Bitcoin’s bull cycle — but Web3’s broader rally hasn’t even started. “Every cycle brings waves of pessimism,” he notes. “This time isn’t special.”
Laobai is even more confident. “How could the bull market be over when macroeconomic conditions point toward rate cuts within the next 6–10 months?” he argues. “Bitcoin just broke its prior high. Ending the rally now would be like stopping a race at the starting line.”
Natalie highlights a key psychological factor: the absence of a compelling narrative. “Without strong market momentum or breakout stories, the ‘get rich quick’ effect has faded,” she explains. “That erodes confidence.” Still, she views sideways movement not as a sign of exhaustion, but as potential preparation for the next move.
Phyrex looks to historical patterns. “True bull markets often accelerate after halving events,” he says. While spot ETFs pulled demand forward, he expects continued support from macro factors — including the 2025 U.S. election cycle and potential FASB regulatory clarity — to boost liquidity later this year.
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How Is This Cycle Different?
This bull run doesn’t mirror past cycles. Several structural shifts are redefining market dynamics.
Dashuo points to investor psychology: “It’s not about money or narratives anymore — it’s about mindset. Seasoned investors are missing new opportunities because they’re stuck in old paradigms.”
Laobai criticizes the lack of true innovation. “Too many projects offer minor upgrades with massive valuations — dozens of projects launching with billion-dollar FDVs. Retail can’t absorb that supply, and there’s no real profit pool for average investors.”
For Natalie, each cycle is unique. “You can’t just overlay past patterns,” she warns. This time, Bitcoin spot ETFs have become a dominant force, directly influencing capital flows and sentiment. Internally, developments within Bitcoin’s ecosystem — such as Layer-2 expansions and new use cases — may prove pivotal.
Phyrex emphasizes the transformative role of spot ETFs. “They’ve already bought over 530,000 BTC in just four months,” he notes. “That’s massive buy-side pressure removed from the open market — reducing sell-side volatility.”
Which Sectors Are Poised to Lead?
With speculation cooling, attention turns to fundamentals. Where will growth come from?
Top Bets from Industry Experts:
- Dashuo: RWA (Real World Assets), AI, social networks, Meme coins, and gaming
- Laobai: AI, Bitcoin, and blockchain gaming
- Natalie: AI, intent-centric protocols, chain abstraction, and Bitcoin infrastructure
- Phyrex: DeFi and RWA, especially compliant asset tokenization
Dashuo sees RWA as a game-changer. “U.S. Treasuries on-chain are just the beginning,” he says. “In 1–2 years, we’ll see trillions in traditional assets tokenized.” He also champions Meme coins as tools for mass adoption: “People don’t understand zk-rollups, but everyone gets Doge. Memes enable global collaboration through shared culture.”
Phyrex agrees on RWA’s potential but notes scarcity of high-quality projects. “Right now, it’s mostly BlackRock leading the charge,” he says. “But with stablecoin legislation advancing and clearer regulations on the horizon, RWA could become the star of the next phase.”
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What About Ethereum?
Ethereum has underperformed relative to Bitcoin recently. Trading volume is down, and excitement has waned — especially as hopes for a spot ETF dim.
Dashuo remains bullish long-term. “Coinbase’s Base chain is proving the L2 roadmap works,” he says. “More enterprises will launch their own rollups soon — a bigger deal than ETH ETF approval.” He predicts a surprise rally if key milestones are hit, such as EigenLayer achieving $3B+ in AVS market cap.
Laobai is less enthusiastic: “Unless the ETF passes and brings in outside capital, there’s little hype driving ETH right now.”
Natalie stresses Ethereum’s enduring relevance. “Despite ‘flippening’ chatter, Ethereum remains the innovation hub,” she says. “Based rollups, ePBS, and account abstraction EIPs are sparking deep technical discussions — signs of a healthy ecosystem.”
Phyrex takes a cautious view: “If the SEC classifies ETH as a security, it opens a can of worms.” But technically, he sees room for upside in the BTC/ETH ratio trade.
Advice for New Investors
The market is tougher than ever for beginners.
Dashuo advises cutting through noise: “Spend less time on X (Twitter). Use cleaner platforms like Farcaster for reliable info.”
Laobai offers blunt truth: “Every cycle feels hostile to newcomers — that’s market maturity. Either go long on BTC and ETH with a multi-year horizon, or commit fully to becoming an expert.”
Phyrex recommends simplicity: “Dollar-cost average into Bitcoin. No strategies. No leverage. Just hold for four years and repeat.”
Natalie sees opportunity in calm markets: “Now is the perfect time to learn. Study core concepts. Experiment with low gas fees. Try DeFi strategies risk-free.”
Long-Term Outlook: 2025 to 2035
What lies ahead?
- Dashuo: Summed it up with Coinbase founder Brian Armstrong’s vision: “Onchain is the new online.”
- Laobai: Hopes that in 3–5 years, DeFi, gaming, DePIN, or AI will finally deliver real-world value — moving beyond speculation.
- Natalie: Remains optimistic despite short-term unpredictability. She envisions seamless cross-chain experiences and lower barriers to entry driving adoption.
- Phyrex: Expects Fed rate cuts to kickstart liquidity in 2025–2026, fueling the next phase of growth.
Frequently Asked Questions (FAQ)
Q: Has the Bitcoin bull market ended?
A: Not necessarily. While price action has cooled, macro drivers like impending rate cuts and ETF inflows suggest the rally may be pausing — not ending.
Q: Why are altcoins underperforming?
A: Lack of strong narratives, reduced retail participation, and capital concentration in Bitcoin and ETFs have weakened altcoin momentum.
Q: Are spot ETFs changing the crypto landscape?
A: Absolutely. U.S.-listed Bitcoin ETFs have absorbed hundreds of thousands of BTC, tightening supply and altering traditional price cycle dynamics.
Q: Should I invest during this downturn?
A: For long-term holders, pullbacks offer entry points. Consider dollar-cost averaging into BTC or ETH rather than timing the market.
Q: What role will RWA play in crypto’s future?
A: RWA could bridge traditional finance and blockchain, unlocking trillions in value through tokenized bonds, real estate, and funds.
Q: Is now a good time to learn blockchain?
A: Yes. With lower gas fees and reduced hype, beginners can explore DeFi, NFTs, and wallet security without pressure or FOMO.
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