For most of 2025, the crypto price action felt out of sync with the rest of the risk complex. Equities, gold and even parts of the defense and AI trade found sustained bids, while Bitcoin repeatedly failed to hold breakouts and altcoins bled liquidity.

A widely circulated X post by pseudonymous macro commentator and crypto analyst “plur_daddy” offers one of the most coherent internal diagnoses of what went wrong. His argument is not about a single shock, but about structural supply, fading belief and a new kind of existential risk.

Why Crypto Truly Lagged In 2025

At the core is ownership concentration and the long-awaited six-figure exit ramp. Bitcoin, he argues, “never fully distributed out at lower prices.” Large OG balances accumulated over more than a decade remained tightly held,

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