Trump’s Return Should Have Saved Crypto, But Market Ends 2025 Far Below Biden-Era Highs

The crypto market concluded 2025 significantly lower, at just 20% of its peak during the Biden administration, despite expectations that Donald Trump's return would trigger a bull market via pro-crypto rhetoric and friendlier regulation. Analyst Ran Neuner argues the market is "broken" due to this unprecedented disconnect between strong fundamentals—including abundant liquidity, a pro-crypto government, ETF availability, and institutional accumulation—and depressed prices. He suggests either a hidden structural seller is suppressing prices or the market is setting up for a massive catch-up rally.

Conversely, others like Gordon Gekko argue the pain is intentional, weeding out weak hands in a market structure shaped by the institutionalization that occurred under Biden. This era introduced enforcement-first regulation and compliance frameworks, leading to scale without the reflexive momentum seen in Trump's first term. This shift has created a bifurcated market: "Institutional Crypto" (Bitcoin, Ethereum, ETFs) with low volatility, and "Attention Crypto" (altcoins) where capital no longer rotates smoothly, making traditional alt-season plays obsolete.

Macro factors like AI bubble fears and Fed uncertainty are also contributing to the lackluster performance. Ultimately, the article concludes that Trump-era expectations are clashing with the new, institutionalized market structure, suggesting the industry faces a critical test involving either a brutal repricing or a violent rally to define its post-institutional identity.

(Source：BeInCrypto)