The "Silent Moment" in the Crypto Market: Page Views Hit 5-Year Low, but This Might Not Be a Bad Thing

YouTube cryptocurrency content views drop to the lowest level since January 2021, while a record 11.6 million crypto projects failed in 2025, with Memecoin suffering the most severe blow. Behind these figures, it reflects a genuine decline in market enthusiasm, but may also be a natural adjustment within the market cycle. According to analyst insights, the $19 billion crypto leverage liquidation triggered by the market crash on October 10 is a key catalyst.

Multiple Signs of Declining Market Enthusiasm

Content Views Hit New Low

YouTube crypto content views have returned to January 2021 levels, which is quite interesting. January 2021 was just before Bitcoin surged from $30,000 to its all-time high, and at that time, market enthusiasm was not at its peak. Now, with views falling back to that level, it indicates that the appeal of current crypto content is indeed waning. This not only reflects a decline in retail investor enthusiasm but also signals a weakening narrative across the entire industry.

Record Number of Project Failures

The 11.6 million crypto projects failed in 2025—this number sounds exaggerated, but within the blockchain ecosystem, it’s not surprising. Many of these are insignificant small tokens and testnet projects, but even so, it shows that the market bubble is undergoing a cleanup. Memecoin suffered the most, which makes sense—when market enthusiasm declines, speculative tokens without real utility are the first to be abandoned.

Impact of Leverage Liquidations

The $19 billion crypto leverage liquidation on October 10 was a watershed event. This liquidation not only caused short-term price volatility but also dealt a blow to investor confidence. Concentrated stop-losses among leveraged traders can trigger a cascade effect, further impacting overall market participation and enthusiasm.

Signals of the Sentiment Cycle

According to observations by Santiment analysts, Ethereum’s social media sentiment is subdued, similar to levels before the 2025 price rally. This is an interesting contrast—such low sentiment eventually led to a price rebound and pushed Ethereum back to its all-time high in 2021.

This reminds us of an important market principle: Extreme pessimism often signals a reversal. When content creators stop paying attention, retail investors cease discussions, and sentiment hits rock bottom, it may actually be the time when institutions and smart money quietly position themselves.

New Growth Drivers Are Brewing

Although the news brief does not directly mention this, related information shows that stablecoins are entering everyday life—Ctrip’s overseas version supporting stablecoin payments, and Interactive Brokers allowing retail investors to recharge with USDT/USDC. These seemingly ordinary applications actually represent a shift of crypto from a speculative tool to an infrastructure component.

As stablecoins become a daily payment method, the demand structure for crypto content will change. People will no longer focus solely on price fluctuations but on how to use these tools. This shift in demand could trigger a new wave of growth for YouTube crypto content—though the content forms and audiences may be entirely different.

Summary

The record low in YouTube crypto content views, record project failures, and the impact of leverage liquidations all indicate a decline in market enthusiasm. However, from a longer-term perspective, this is not the end of the industry but a process of bubble cleanup and the establishment of a new order.

The key observation is: current low sentiment levels are similar to those before the 2025 rally, and history often repeats itself. Meanwhile, the adoption of stablecoins could become the next growth driver. In the short term, sentiment may remain subdued; in the medium term, it could be a period of silence; and in the long term, it may be the incubation of a new narrative.

Future focus should be on the pace of stablecoin adoption and when market sentiment shows signs of a turning point.