Recent trends in the cryptocurrency market have raised alarm bells, particularly among retail investors. According to Ran Neuner, the founder of Crypto Banter, the latest wave of crypto liquidations has effectively scared off many from engaging with digital assets. Neuner describes the situation as “max pain,” reflecting the distress the market is inflicting on everyday investors.
In a recent interview at Consensus Hong Kong 2025, Neuner elaborated on how Bitcoin (BTC)’s dominance in the market, peaking at 60%, led to a swift pivot towards altcoins among investors. The expectation was that the market would adhere to the typical four-year cycle seen in previous years; however, this plan fell through dramatically with a severe liquidity flush. This incident didn’t happen in isolation — external factors such as escalating trade tensions among the US, Canada, and Mexico exacerbated the sell-off, resulting in more than $2.4 billion in liquidations within just 24 hours.
The impact of these events was particularly severe for altcoins, including Ethereum (ETH), which unexpectedly faced steep price declines. “No one anticipated that the second-largest cryptocurrency would plummet overnight like that,” Neuner remarked, highlighting the shock that many investors experienced as prices fell. This sudden downturn has contributed to a noticeable decrease in the audience engagement for crypto-related content on platforms like YouTube. Good-quality videos from Crypto Banter are reportedly seeing 25% to 33% fewer views than during the highly profitable bull market of 2021.
Despite the current downturn, Neuner is optimistic about the return of retail investors: “Where there’s money to be made, retail will arrive.” He pointed out that the current environment, rife with challenges such as memecoins and scams, may create a perception that retail investing in crypto is akin to walking into a “corrupt casino” filled with insiders and bots. Additionally, he noted recent controversies surrounding memecoins following the LIBRA rug pull scandal, which saw investors suffering losses of approximately $251 million.
The current situation in the crypto market has led Neuner to predict a much more muted cycle of investment, suggesting that the traditional four-year cryptocurrency cycle may be over. He observed that the “rate of emission now is so small relative to Bitcoin’s market capital, it’s not significant in the larger scheme.” As the market continues to evolve, it’s clear that both retail investors and market dynamics will shape the future landscape of cryptocurrencies.
