Crypto is changing. The panic of 2018 is gone. The shock of the FTX crash hasn't shattered confidence. The market hasn't collapsed. But many sense something different: a cultural "cooling." The question is: is crypto maturing, or is it losing the identity that once captivated an entire generation?

From "anti-systemic" to mainstream recognition

In its early stages, crypto represented a rebellious mindset:

• Not dependent on banks.

• No intermediaries needed.

• Not subject to the control of the traditional financial system.

That spirit created a powerful wave. Young people found an alternative to the familiar financial path.

But in recent years, the market has taken a different direction:

• Crypto ETF approved.

• A clearer legal framework.

• Major financial institutions are participating.

Crypto is gradually entering the mainstream. This helps make the market more sustainable. However, to gain widespread acceptance, the industry also needs to adjust. And it is at this point that many believe the initial "rebellious spirit" has faded.

Gen Z: Join a lot, leave quickly.

According to Gemini's 2025 survey:

• 51% of Gen Z have owned crypto at some point.

• 49% Millennials

• 29% Gen X

Gen Z is the most active group, but also the group that shows the fastest rate of withdrawal.

They entered the market through: Memecoin, Non-Fungible Token, GameFi, Futures, and high leverage. Many experienced: Rug Pull, mass liquidations, and misplaced trust in influencers.

As the market shifts its focus to ETFs, custody services, and stable-yield products of 3–7%, the question arises: are these products still relevant to their original drivers?

Crypto is maturing, but becoming less appealing?

Currently, many projects focus on: Legal compliance, Optimizing product structure, and Serving institutional cash flow. Even Ethereum, once the center of experimentation and debate, is now seen as a stable, institutional-friendly platform.

Technical topics like ZK, reStaking, and identity-linked Token still exist, but they no longer generate the same strong cultural waves as during the DeFi Summer or Non-Fungible Token boom. The market isn't weak in terms of price, but rather in terms of emotion and storytelling.

Is the problem with the product or the culture?

The current crypto market is geared towards "tech-first": focusing on technology, compliance, and financial structure. Meanwhile, Gen Z is "culture-first": they care about the community, the experience, the story, and the people behind it. When the market narrative revolves around asset custody and yield optimization, cultural motivation may diminish.

Does growing up mean losing one's identity?

Crypto needs organization. It needs legal framework. It needs stability to survive in the long term. But if it's merely a digital version of traditional financial products, what will crypto represent? Perhaps this is just a transitional phase. Or perhaps the industry is entering a cycle of redefining itself.

The question is no longer "when will the Bull run happen?", but rather: what value does crypto still represent in the eyes of the next generation?