If you've been scratching your head over why this so-called crypto bull market in 2025 feels more like a slog than a sprint, you're not alone. Jeff Dorman, CIO at Arca, dropped a thought-provoking thread on X that cuts through the hype. He argues it's barely a good year for crypto overall, let alone a full-blown bull run, and this dispersion in performance is forcing investors to get smarter—especially in the wild world of meme tokens.

Dorman kicks things off by pointing out that over 75% of tokens in his coverage are negative year-to-date (YTD), with more than half down 40% or worse. What's keeping the "bull market" narrative alive? A handful of heavy hitters like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and Ripple (XRP), all up 20-40% YTD. But he calls out some winners as "complete nonsense coins and memecoins" that serious investors might overlook, cheekily nodding to Litecoin (LTC) and Bitcoin Cash (BCH). In the meme token space, this rings true—many memes thrive on hype rather than fundamentals, yet a few have bucked the trend by capturing viral attention.

Take a look at this chart from Dorman's thread—it visualizes the stark reality. While blue-chip tokens hold the fort, the broader market's underperformance highlights a shift: crypto is maturing. Dorman compares it to traditional finance (TradFi), where the Dow Jones Industrial Average might rise while small caps tank. This isn't a bad thing; it's educational. In past cycles, "everything rallies" meant little learning happened. Now, with dispersion, investors are asking the right questions, like how to spot winners amid the noise.

For meme token enthusiasts, this is a wake-up call. Dorman emphasizes using common sense: focus on assets that generate revenue and return value to holders, like through buybacks. He shouts out performers like tokens tied to ETFs or direct asset trackers (DATs), crypto stocks such as Circle (CRCL), Galaxy (GLXY), Coinbase (COIN), and others, plus "US gov't coins" like XRP and Chainlink (LINK). But the real gems? Projects making serious money and sharing it back, including Hyperliquid (HYPE), Pump.fun (PUMP), Syrup (SYRUP), and Maple/Sky (MPL/SKY).

This ties into Dorman's earlier concept of "BACHELORS"—an acronym for revenue-generating tokens like BNB, Aerodrome (AERO), PancakeSwap (CAKE), HYPE, Ethena (ENA), UNUS SED LEO (LEO), OKB, Raydium (RAY), and SKY (formerly MKR). Updated with newcomers like PUMP, he renames it "BARHEAPs." These aren't your typical dog-or-cat-themed memes; they're protocols with real economic models. Yet, in the meme ecosystem, tokens like PUMP show how community-driven fun can intersect with profitability, bootstrapping value through viral mechanics.

Dorman wraps up by stressing that the era of "throwing darts" for fortunes—think endless alt seasons—is over. For meme insiders, this means evolving beyond pure speculation. Sure, a viral meme can pump hard, but sustainability comes from utility or revenue sharing. He even links to a quick blockchain explainer on Arca's blog, perfect for onboarding friends to why profitable tokens win out.

In the end, Dorman's thread is a reality check for 2025's crypto landscape. Meme tokens aren't dead, but the bar is higher—blend that cultural edge with smart economics, and you might just thrive in this "tough" bull market. What's your take? Have any meme tokens defied the odds this year?