Narratives in crypto in 2025

The table above shows how narratives changed throughout last year. What stands out is that there was no stable “meta” that lasted longer than a month — almost every month the market switched to a new narrative.

This might actually be one of the problems of the market: narratives appeared quickly and faded just as fast, without having enough time to fully play out their potential.

And markets generally need stability — it’s better to have fewer narratives, but ones that last longer.