According to glassnode, crypto price action has calmed, but the rebound is not supported by strong crypto-specific catalysts and remains fragile, source: glassnode on X, Dec 5, 2025. According to glassnode, the options market is sending signals beneath the surface that align with a fragile rebound backdrop, source: glassnode on X, Dec 5, 2025.

According to @nic__carter, crypto’s 2025 weakness reflects a rotation of attention and capital toward AI, data centers, quantum, and rare earth equities, leaving digital assets with few buyers and no clear catalysts; he contrasts this with 2022’s event-driven drawdowns that markets could work through. Source: @nic__carter on X, Nov 15, 2025. He characterizes crypto as the forgotten child in 2025 while the Magnificent Seven lead market narratives, resulting in a grind lower driven by exhaustion rather than discrete shocks. Source: @nic__carter on X, Nov 15, 2025. For trading strategy, he argues the four-year cycle and alt season playbooks are obsolete, shifting edge toward projects that deliver tangible value and utility instead of narrative momentum. Source: @nic__carter on X, Nov 15, 2025. He also cites a lingering DAT hangover as part of the demand drag, reinforcing a selective, fundamentals-first approach over broad crypto beta exposure. Source: @nic__carter on X, Nov 15, 2025.