Welcome again to the Now Publication. I’m Matt Medved.
Bitcoin simply hit a brand new all-time excessive above $109,000, however the timeline isn’t precisely euphoric. The prevailing temper is FOMO and jokes about nobody caring or being overexposed in altcoins. However that disconnect isn’t simply on crypto Twitter.
Final night time, I caught The Chainsmokers enjoying a secret set at The Edge, a One hundredth-floor skydeck overlooking the New York skyline. As a lot of you understand, I beforehand based Billboard Dance, so the dance music world was dwelling for years earlier than I dove into web3. I’ve recognized Alex Pall and Drew Taggart since their early days enjoying NYC bottle service golf equipment — we got here up collectively throughout their meteoric rise. So anytime we hyperlink, it’s a little bit of a reunion with all of the music business gamers who have been a part of that period.
“Matt solely goes out when the crypto market is up,” joked TAO Group companion Jonathan Schwartz.
He’s not unsuitable. Nightlife’s a surprisingly good barometer for the place mainstream sentiment round crypto is at. On the peak of the NFT growth, everybody needed to know what initiatives to purchase. After FTX collapsed, they have been asking if I’d discovered a brand new job. Final night time, crypto barely got here up in any respect. Once I talked about that Bitcoin was approaching all-time highs, most individuals appeared stunned.
It struck me as a result of I’ve lived by means of the cycles, and I’ve by no means seen such a stark disconnect between worth motion and sentiment. Sure, the worth is up, however the cultural quantity remains to be low. Regardless of arguably probably the most bullish fundamentals crypto has ever seen— a pleasant administration, rising institutional inflows, and rising regulatory readability — the broader public nonetheless isn’t paying consideration. Retail hasn’t actually re-entered the world.
Why? Let’s break it down.
Bitcoin Hit a New All-Time Excessive. Why Doesn’t It Really feel Like It?
For starters, Wall Road enthusiasm hasn’t reached Most important Road.
Not like earlier cycles, the place a frenzy of media consideration drove retail shopping for that helped propel Bitcoin to new heights, the previous yr’s rise has been quietly pushed by institutional capital.
A lot of the joy is occurring behind closed doorways: on tradfi buying and selling desks, in wealth administration corporations, and throughout institutional automobiles like spot ETFs. However on the floor, issues nonetheless really feel subdued. Costs could also be rising, however the social and cultural indicators of a full-blown bull run stay muted.
“We’re not actually in worth discovery but,” advisor and podcast host Aubrey Strobel tells Now Media. “Bitcoin’s all-time excessive doesn’t account for inflation—adjusted for greenback debasement, we’re nonetheless underwater. That’s why you’re not getting calls out of your family and friends but.”
“The true euphoria received’t hit till we break above $110K with conviction,” she provides. “It’s been a quiet rally up to now, pushed largely by establishments, sovereign wealth funds, and the rising variety of Bitcoin entry automobiles being raised behind the scenes. Retail hasn’t arrived but.”
no texts and calls from household & mates larger.
— Aubrey Strobel (@aubreystrobel) Could 21, 2025
Retail’s additionally in a really totally different spot than it was over the past bull run, which performed out in opposition to the backdrop of pandemic lockdowns and stimulus checks. In 2025, most households are coping with rising debt and tighter budgets. U.S. family debt simply hit $18.2 trillion, with over $1.18 trillion on bank cards. The common family is carrying greater than $8,940 in card debt, and with the Fed holding rates of interest elevated, borrowing isn’t getting any cheaper.
It’s not precisely the perfect setup for speculative investing. Again in 2021, retail had money to play with and the boldness to take dangers. Even when persons are conscious of the rally, most don’t have the identical disposable earnings or danger urge for food.
However are individuals even tuned in? Investor Dan Held doesn’t imagine so.
“Bitcoin is priced in for individuals who are paying consideration, and 99% aren’t paying consideration but,” Held tells Now Media.
“Bitcoin is priced in for individuals who are paying consideration, and 99% aren’t paying consideration but.”
DAN HELD
A part of that is because of a shift in how crypto is roofed. Mainstream media has matured together with the business. The area has turn into extra regulated, extra severe, and extra financialized. Spot ETFs, SEC circumstances, and coverage debates are main the narrative now, not in a single day millionaires or viral JPEGs.
As I wrote in our e-newsletter earlier this month, the dearth of a breakout cultural narrative can be at play right here. Love them or hate them, NFTs introduced creators into crypto and onboarded a wave of latest customers. They gave the area a visible identification and a narrative individuals may truly interact with past worth motion. Additionally they provided one thing else: an actual shot at being profitable, even for the uninitiated. From flipping PFPs to minting artwork, the entry factors felt accessible in a means that immediately’s PVP memecoin melee doesn’t.
Memecoins could also be dominating the timeline and absorbing consideration and liquidity inside crypto, however they haven’t crossed the cultural chasm like NFTs did in 2021. And the large moments haven’t been wins for many retail consumers. In line with Chainalysis, round 764,000 of the two million wallets that purchased President Trump’s $TRUMP memecoin misplaced cash — largely small holders. Unsurprisingly, a handful of early wallets captured nearly all of income
“Normally, the much less excited persons are a few new all-time excessive, the extra room to go up within the quick time period.”
AMANDA CASSATT
Retail additionally exhibits up for various causes, and infrequently sees the area by means of a totally totally different lens than crypto purists.
“My hairstylist at all times asks me what I consider XRP,” Amanda Cassatt, founding father of Serotonin, tells Now Media. “She holds it. I by no means purchased it. Based mostly on what she’s motivated by, she was proper. That’s why I don’t give quotes about how retail doesn’t perceive crypto markets. I’m motivated by fully various things from them, like desirous to usher thrilling expertise into the world.”
In the end, the muted response may truly be bullish.
“I believe euphoria is negatively correlated with short-term upwards movement,” Cassatt provides. “Normally, the much less excited persons are a few new all-time excessive, the extra room to go up within the quick time period.”
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