Crypto’s 2025 ‘whipsaw’ year drove capitulation as markets look toward a 2026 rebound, Pantera says

3 hours ago7 min read

Let’s cut through the noise. Pantera Capital’s recent note calling 2025 a ‘whipsaw’ year for crypto is a stark admission of the brutal capitulation we’ve just witnessed.This wasn't a gentle correction; it was a sledgehammer to the altcoin casino, shaking out weak hands and over-leveraged speculators with the kind of volatility that breaks portfolios. As a Bitcoin maximalist, I see this as a necessary purge.While the report looks toward a 2026 rebound, the real story is the quiet, relentless accumulation happening beneath the surface in Bitcoin. The altcoin frenzy of the last cycle proved to be just that—frenzy.Now, as markets look to stabilize, the foundational truth reasserts itself: Bitcoin is the bedrock. The speculative froth is gone, washed away in the whipsaw, leaving the core asset stronger.This pattern isn't new; it’s the cyclical nature of this market, where manic euphoria is always followed by a painful cleansing before the next genuine leg up. The coming rebound won’t be led by the memecoins and vaporware of yesterday, but by the proven, decentralized digital gold that regulators still fear and traditional finance is reluctantly learning to hold.The capitulation is complete. Now, we build.

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