The worst bull run ever? How institutions, memes, and macro turned crypto’s glory cycle into a grind
This crypto cycle is considered the hardest ever due to institutional extraction, memecoin hype destruction, and adverse macroeconomic conditions.Summary
Despite Bitcoin setting new highs, the current crypto cycle feels like a grind rather than a bull run because altcoins have crashed severely and retail participation has vanished. An analyst attributes this difficulty to three main factors: institutions, which arrived not to speculate but to build and extract value by owning core infrastructure; memecoins, which dominated the narrative, turning the market into a volatile casino driven by hype and irony, ultimately wrecking retail greed; and adverse macro conditions, including trade wars and persistently high interest rates that made speculative capital expensive. Consequently, Bitcoin remains the sole survivor, its legitimacy cemented by institutional capital, signaling a market maturing into a financial system rather than a playground. The cycle's lesson is that not all runs are meant for parabolic gains, but rather for testing commitment to the underlying mission over chasing hype.
(Source：CryptoSlate)