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In 2025, Trump-themed crypto launches surged and then dropped, with losses of 80% to 99% by December 23, while Bitcoin turned lower after October highs. On November 3, Scion Asset Management disclosed puts on Nvidia and Palantir, and in October gold set records as shutdown fears spiked; later, a Bloomberg JGB index declined more than 6% as yields rose.

On Oct 6, Bitcoin peaked at $126,000 and has since fallen 32%. According to CryptoQuant, U.S. spot Bitcoin ETFs logged $5.5 billion in cumulative outflows, cutting AUM to $116.58 billion from $163.27 billion, while a BlackRock-linked investor cohort recorded six inflow days over the past twelve days. Glassnode also notes sustained retail accumulation.

Hyperliquid closed out 2025 with $844 million in revenue, $2.95 trillion in trading volume, and more than 600,000 new users. Perpetuals generated $848.33 million in fees, while Bitcoin led activity at $1.16 trillion. The exchange also reported $3.87 billion in net inflows and expanded HIP-3 listings to global equities.

On December 28, 2025, Michael Saylor posted the phrase "Back to Orange," a signal many interpret as a precursor to another Bitcoin purchase by Strategy (formerly MicroStrategy). According to the latest publicly tracked figures, Strategy holds 671,268 Bitcoin at an average cost of approximately $74,972 per coin, valued near $58.9 billion at prices around $87,900.

Mirae Asset Group is negotiating to acquire Korbit in a deal valued around $100 million, with Mirae Asset Consulting leading and an MOU signed with major shareholders. The exchange, founded in 2014 and operating under South Korea's licensing regime, has under 1 percent domestic market share by volume. Over the last 24 hours, Korbit posted $5.75 million out of roughly $1.21 billion across six local platforms.

Institutional investors pulled nearly $782 million from US-listed spot Bitcoin ETFs during the Christmas week, with about $276 million exiting on Friday. Bitcoin traded near $87,000 as total ETF assets fell to around $113.5 billion, extending a six-day net outflow streak and lifting cumulative withdrawals beyond $1.1 billion.

On Christmas, Binance’s BTC/USD1 pair briefly fell to $24,111 for about three seconds, a thin-book wick rather than a broad crash, according to Shanaka Anslem Perera. He also cited a similar Dec. 10 spike from about $96,000 to $76,000. On Friday, PlanB said Bitcoin near $87,500 sits far below stock and gold model levels at roughly $6,900 and $4,500.

In 2025, governments shifted crypto into formal policy, led by actions outlined on December 25. The U.S. moved to a Strategic Bitcoin Reserve, the UAE enforced VARA and ADGM rules, and El Salvador kept holdings after ending legal tender, lifting reserves to roughly 7,500 BTC. Pakistan allocated 2,000 megawatts for mining, while Europe and Brazil tightened oversight, including an $18 million central bank stake in Coinbase.

China's export controls on silver begin on 01 January, intensifying a metals rally as Bitcoin faces a key test into Q1 2026. In Q4 2025, silver surged 70% to an all-time high of $79/oz while BTC fell 25% after early-October tariff headlines. Analysts say institutions now hold 50–60% of silver supply, tightening flows.

In a 2026 outlook, Clear Street's Owen Lau named Coinbase a top fintech pick alongside Nasdaq and S&P Global, reiterating a Buy rating and a 12‑month price target of $415. During a post‑Christmas selloff, Coinbase shares traded around $234.50, down roughly 1.2%, but Lau argued the pullback does not change his longer‑term thesis.