Although the market is said to be in a bull run, it doesn’t quite feel that way. While Bitcoin has hit some record highs this cycle, the rallies lack excitement, and corrections are painful. Altcoins have plummeted 90% or more, retail participation has dwindled, and even the most loyal supporters question if this bull cycle truly deserves its title.
Many believe this is the toughest bull market crypto has ever encountered. Bitcoin has doubled from its 2023 lows, yet the market feels drained. What went wrong? Altcoin trader “Crypto Birb” analyzes three key factors.
Institutions have drained the excitement
Wall Street didn’t just enter the scene; it transformed it. BlackRock, Fidelity, and Goldman arrived not just to speculate but to invest in infrastructure, custody networks, and tokenized assets. While institutional adoption sounds positive, it translates to large-scale extraction. They are not dabbling in memecoins or chasing airdrops; they own the essential structures that others must lease.
As indicated by Telcoin Magazine and Fortune, institutional engagement in early 2025 was “foundational, not speculative.” This benefits Bitcoin but hurts the community. As Crypto Birb remarks:
“The savvy investors claimed what’s valuable – good for them.”
Memecoins and the loss of significance
While institutions refined the industry, memecoins distorted it. What began as satire took over the narrative in 2024 and 2025. Each week introduced a new “community” token, animal-themed project, political joke, and subsequent waves of burned holders.
Memecoins transformed crypto into a casino without exit options. Tokens would surge solely on virality, only to collapse soon after. Even seasoned professionals were lured by hype rather than fundamentals. The result was a perfect storm of self-destruction: retail greed colliding with web3 irony, leading to widespread ruin.
Trump, interest rates, and the risk-off trend
The macroeconomic environment also worked against risk. President Trump’s trade tensions and tariffs, viewed by some as protective measures, resulted in a 20% drop in equities and reduced liquidity. Coupled with persistently high interest rates, capital became more costly, speculative investments dwindled, and risk-focused assets like crypto stagnated.
Ironically, the “pro‑crypto administration” stunted retail recovery. With elevated rates, consumer spending decreased, eroding the average investor’s appetite for high-risk tokens. The anticipated era of abundance morphed into a test of patience.
Bitcoin stands resilient as the last survivor
Yet, amidst the chaos, Bitcoin remains steadfast, persistent, and independent. Institutional investment has fortified its legitimacy while everything else suffers. According to a16z’s State of Crypto report, Bitcoin’s strength is protected by macroeconomic factors and regulatory acceptance.
This illustrates maturity: reduced excitement, fewer spike charts, and a market operating more like a financial system than a playground. However, for those who anticipated “number go up,” it resembles punishment.
The hollow bull
This bull cycle lacks excitement; it’s simply draining. Bitcoin’s endurance demonstrates that crypto can survive. However, the rest of the market, its creativity, retail engagement, and vibrant optimism have all been collateral damage.
Perhaps that’s the cost of progress. Or maybe it indicates that somewhere along the line, we lost our way, prioritizing memes over mission. As Crypto Birb notes:
“We were deceived. BY OURSELVES. This is our consequence for choosing hype over function.”
Regardless, this bull run will be remembered not for its profits, but for its lesson: not every cycle is designed to enrich you. Some exist to remind you of your purpose.
