Crypto has everything needed for a bull market, so why is the market down?

Analysts and investors are puzzled why the crypto market is underperforming despite significant positive drivers this year, such as increased liquidity, a pro-crypto US government stance, ETF launches, and strong institutional buying. CNBC contributor Ran Neuner suggests something is structurally broken or anticipates a massive catch-up trade. Other experts point to structural shifts amid high leverage, or ongoing selling pressure from long-term holders and technical investors adhering to four-year cycles. Conversely, some analysts believe the bear market has already arrived, noting retail participation never fully returned and value remained concentrated in Bitcoin. However, industry fundamentals are considered solid, with figures like Erik Lowe of Pantera highlighting 2025 as a year of crucial structural progress, including regulatory shifts and growth in tokenized real-world assets, laying groundwork for long-term growth.

(Source：Cointelegraph)