Primitive Ventures: The crypto world feels a bit deadAuthor: Dovey Wan, Founding Partner of Primitive Ventures
Translation: Dayu
By 2025, the cryptocurrency industry has almost achieved all its expected goals. Structurally, this should have been a glorious year.
But why does it feel so... lethargic?
It's not just that "prices haven't risen"—it's not entirely over. Bitcoin hit new highs. But the atmosphere, sentiment, internal confirmations, follow-up from other cryptocurrencies, and retail enthusiasm have all changed. Perhaps most concerning is that the former "hot money leading assets" have now lost their appeal in terms of wealth effect and volatility.
Related crypto assets are no longer synchronized with Bitcoin and Ethereum as they were in previous cycles:
1. Memecoins led the charts from Q4 2024 to Q1 2025, while Trump tokens' push
PANews·17m ago