Crypto Market's Boom-and-Bust Cycles May Be Losing Steam

Ben Nadareski, CEO of Solstice, believes that the era of extreme boom-and-bust cycles in the crypto market may be coming to an end. He attributes this shift to deeper liquidity across trading venues, even during downturns, which reduces the conditions that amplify sharp price moves.

Nadareski pointed out that broader participation and more robust market infrastructure are contributing to a decline in volatility. According to data from Glassnode and Fasanara Digital, Bitcoin's one-year realized volatility dropped sharply over 2025, with part of this move attributed to growing market depth and institutional participation.

Bitcoin spot volumes expanded to a higher daily range compared with the prior cycle, consistent with a more liquid market structure. Nadareski expects stablecoins on Solana to grow from roughly $16 billion in current market capitalization to potentially near $100 billion within five years.