Bull cycle comparisons

So for context I was super into crypto in 2020 and was able to make gains in the 2021 bull run, but after exiting my positions I kind of lost interest. I had been keeping my eye on news here and there but nowhere near the way I was locked in around 2020-21.

I invested in a some alts I genuinely believed in that did really well in 2021 and had real utility (some defi’s and other top 20’s) thinking they would beat their 2021 ATH’s, but after the dust settled from the 2025 run they barely reached half of their ATH from 2021. (I did see profits btw so I’m not asking “why not moon” lol)

My question is why did the 2025 cycle not provide as much growth for alts as it did in 2021? Genuinely interested. I know one factor was that everyone was still on lockdown in 2021 so there was more income to be invested, but are there any other reasons? Would genuinely love some insight.

Thanks in advance!