If we judge the mood in the crypto market by the moves of major players, then the actions of Arthur Hayes are enough to worry even seasoned traders.
While prices kept falling, the former BitMEX CEO held a real sell-off on November 16. All transactions were tracked in real time by Lookonchain analysts.
Hayes sold 260 ETH (about $820K), 2.4 million ENA ($651K), 640 thousand LDO ($480K), 1,630 AAVE ($289K), and 28,670 UNI ($209K).
And this was not a one-off exit from a position. Just a few hours earlier, he also got rid of 520 ETH ($1.6M), 2.62 million ENA ($733K), and 132,730 ETHFI ($124K).
The total volume of Hayes’ sell-off amounted to several million dollars. This is a statement only a market veteran with a large portfolio can afford.
According to Glassnode, only about 5% of major altcoin supply remains in the profit zone. Prices keep sliding lower and lower.
The share of profitable altcoins is about 5%. Source: Glassnode
Against this backdrop, Bitcoin remains the last island of relative stability. Its yield only started to decline recently, and its share in investors’ portfolios has reached levels not seen in several years.
While everyone is watching AI, the crypto market fades into the shadows
Nick Carter, partner at Castle Island Ventures and one of the most outspoken market commentators, gave a harsh assessment of what is happening.
He doesn’t mince words. According to him, crypto is slowly but surely sliding into oblivion. The reason is not loud crashes or scandals, but a banal lack of attention.
AI and the “magnificent seven” tech giants have taken over all the information space, and crypto has been left aside.
Retail investors have also left. Now their interests are in quantum technologies, data centers, and rare earth metals producers’ stocks.
And it’s not about panic, but fatigue. Carter believes the times of the familiar four-year cycles and hyped altseasons are over. The rules have changed. Now, only those who actually bring value survive.
If a project wants to earn, it will have to do it for real, creating value that people will want to pay attention to again.
This is another cold reminder of the laws of the market. As Carter himself summed up:
“2025 is actually worse, because in 2022 bad things happened, but crypto remained in the spotlight. We understood what we were fighting against. And now crypto is a forgotten child.”
This description hits the nail on the head. Unlike 2022, when the market could be blamed for exchange crashes, regulatory wars, and hacks, the 2025 slump is no longer a drama, but a diagnosis.
The crypto market will have to prove its usefulness
The issue of usefulness, which Carter talks about and which is confirmed by gloomy statistics from Glassnode, is the main diagnosis of the current moment.
The ability of crypto to “deliver results” is no longer a theoretical idea. It’s a matter of survival. The level of returns on altcoins shows a historic gap with Bitcoin.
Against such numbers, talk of altseasons and four-year cycles sounds like artifacts from the past. If you hold coins from the bottom 95% of the list, you can no longer comfort yourself with the old narrative.
See also: Tether bets $1 billion on Neura — AI tokens are back in the spotlight
Hayes isn’t selling for nothing. The current price dynamics, unstable macroeconomics, and regulatory pressure have created a market where only real things matter.
Pretty promises and new tokens no longer impress anyone. What matters are usefulness, revenue, and real demand.
Is it worth exiting crypto now?
Hayes’ public moves and the general numbness of the market are like salt in the wound. But at the same time, it helps to understand the new rules of the game.
If in 2025 you are still counting on returns, it’s time to stop listening to influencers and remember the old truths: about usefulness and real demand.
Crypto may now be a “forgotten child,” but that doesn’t mean it’s dead. A rebound is possible, it will just take time. And while there is no real demand, it is sell-offs and capitulation that will set the pace.
Yes, the market is not the same anymore. But those who can read between the lines know that oblivion is often just a quiet pause before the next chapter.
