Solstice CEO Ben Nadareski says deeper liquidity and growing institutional participation could make future crypto bull runs less volatile than previous cycles.
Ben Nadareski, CEO of Solana-based decentralized finance platform Solstice, said crypto markets are unlikely to return to the extreme boom-and-bust cycles as deeper liquidity brings stability to digital assets.
Speaking on Cointelegraph’s Chain Reaction show, Nadareski said liquidity across major crypto trading pairs has increased significantly, even during bear markets, reducing the conditions that produced sharp price swings seen in previous cycles.
He added that crypto is increasingly a market for institutional capital and household wealth rather than speculative trading.
“We don’t want to go through 2017. We don’t want to go through 2021. We don’t want to go through these massive fluctuations,” he said.
The comments come as institutional participation and deeper trading markets reshape crypto market structure, potentially tempering the volatility that defined earlier cycles.
Bitcoin market data supports Nadareski’s view that deeper markets have coincided with lower volatility.
A December 2025 report from blockchain analytics firm Glassnode and asset manager Fasanara Digital found that Bitcoin’s one-year realized volatility had fallen from 84.4% to 43%, which the firms attributed partly to growing market depth and institutional participation.
Daily Bitcoin spot volumes also increased to between $8 billion and $22 billion a day from $4 billion to $13 billion during the previous market cycle, according to the report.
Related: Bitcoin cycle bottom may already be in at $58K, says analyst James Check
Other industry participants have also argued that institutional capital is changing crypto cycles.
In March, SkyBridge Capital managing partner Anthony Scaramucci said Bitcoin’s four-year cycle had been “muted” by institutional investors and spot Bitcoin ETF inflows, though he argued the traditional cycle had not disappeared entirely.
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