Published:
Crypto investors got almost everything they wanted in 2025: A “crypto president” in the White House, talk of a
federal bitcoin reserve, friendlier regulations, a wave of exchange-traded funds investing in smaller cryptocurrencies, and a handful of high-profile digital-asset companies making their public-market debuts.
Yet all of this good news wasn’t enough to lift prices. Digital-asset prices had a terrible year in 2025. Bitcoin BTCUSD has lost over 6% year to date, significantly underperforming gold GC00 and the S&P 500 SPX, which have risen by more than 70% and 17% this year, respectively, FactSet data showed. Smaller cryptocurrencies experienced even bigger losses, with prices for some popular tokens down 90% from their all-time highs.