These numbers are why 2025 feels like the worst bull run ever.

$BTC -7.7% / $ETH -12% isn’t a “bull.”

That’s a range year masquerading as a cycle.

And the real story is underneath:

$SOL -33%
$LINK -36.3%
$DOGE -59.1%
$ADA -54.7%
$AVAX -65.7%
$SUI -64.5%
$NEAR -68%
$ENA -76.1%

That’s not “alt season delayed.”
That’s liquidity refusing to move down the curve.

BTC held up.
Everything else got treated like a funding source.

So you get the most psychologically brutal environment:

- no clean capitulation (so hope doesn’t reset)
- no sustained uptrend (so conviction doesn’t build)
- just slow bleed + chop (the real account killer)

Calling it the “worst bull run” is fair but it might be more precise to call it:
the first cycle where distribution beat narratives.

If/when BTC actually trends, the pivot will be violent because positioning is max-frustrated.

What’s your read, do we need a real flush first, or does this grind already count as the flush?

Follow @degensing for more.