Trump’s Return Delivered Everything for Crypto— Except the Bull Run

Core Insights - The crypto market is currently at only 20% of its peak levels from the Biden era, despite expectations of a bull market under Trump's administration [1][2] - There is a growing debate on whether the crypto market is in a difficult phase or if fundamental issues have emerged, with analysts suggesting a disconnect between market fundamentals and prices [2][3] Market Conditions - The crypto market is ending 2025 lower than expected, with analysts noting that traditional explanations for market behavior are no longer valid [3] - Factors that were anticipated to drive a bull market include abundant liquidity, a pro-crypto government, spot ETFs, and significant accumulation of Bitcoin by influential figures [5] Diverging Opinions - Some market commentators argue that the current market conditions are intentional and structural rather than dysfunctional, suggesting that the market is designed to reward only the strongest participants [4] - There is a suggestion that a hidden structural seller or mechanism is suppressing prices, or that the market is preparing for a significant catch-up trade as it moves towards equilibrium [5] Historical Context - The behavior of the crypto market has shifted compared to earlier cycles, with a transition from a retail-driven speculative environment during Trump's first term to a more institutionalized market under Biden, characterized by regulatory constraints [6]