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Bitcoin Ends 2025 Bruised but Structurally Strong as the Market Resets for 2026
ByItai Smidt
Published 01/01/2026, 12:43 PM
Bitcoin Ends 2025 Bruised but Structurally Strong as the Market Resets for 2026
Euro US Dollar
0.03%
Gold Spot US Dollar
1.08%
DX
-0.05%
GC
0.96%
SI
5.49%
USDIDX
-0.10%
Bitcoin US Dollar
3.24%
Bitcoin ends 2025 in an odd place: structurally stronger, but tactically bruised. BTC-USD trades around 87,000 to 88,000 dollars, down about 6 percent for the year and roughly 30 percent below the October peak above 126,000 dollars. That drop formally pushed the asset into a bear market even as US equities delivered mid-teens gains and gold finished the year more than 60 percent higher with silver up around 140 percent. On a 30-day basis BTC-USD is effectively flat, slipping less than 1 percent into year-end, which underlines how the market has been stuck in a tight band while positioning resets.
The drawdown is not just cosmetic. The coin is around 24 percent below the roughly 109,000 dollar level it broke on Inauguration Day, when investors initially tried to price a “crypto president” premium into the second Trump term. Since then forced liquidations, long-term holder distribution and leveraged washouts have taken Bitcoin about 44 percent off the top. Historically, three consecutive red months near record highs have been rare, and that pattern has often been followed by a sharp reset in positioning, then a trend move as new capital steps in.
At the same time, the broader digital asset complex has been cleansed. Memecoins that were the speculative poster-child of the last phase saw market capitalization fall from about 150.6 billion dollars to under 42 billion, while the flagship political token dropped more than 90 percent from its peak. Capital has rotated away from fringe leverage into large-cap assets, with BTC-USD and a handful of majors absorbing the serious flows. That purge matters because it reduces the odds that the next leg in Bitcoin is derailed by spillover from purely speculative corners of the market.
After experiencing significant price fluctuations, cryptocurrencies ultimately recorded losses in value over the past year. Nevertheless, demand for crypto ETNs remained very high. The forecasts for 2026 leave room for surprises – in both directions.

Bitcoin ETNs dominate stock exchange trading
Bitcoin remained the clear number one in crypto ETN trading on the German stock exchange in 2025. The world's largest cryptocurrency was represented six times among the ten most frequently traded products. Bitwise Physical Bitcoin (DE000A27Z304) recorded the highest turnover. However, data from crypto ETN issuer Bitwise shows net outflows for this ETN across Europe. The largest inflows were recorded by the Bitcoin ETNs from iShares (XS2940466316) and CoinShares (GB00BLD4ZL17), which are also very actively traded on Xetra.
The remaining four places in the top 10 in terms of turnover were taken last year by 21Shares Solana Staking (CH1114873776), 21Shares XRP (CH0454664043) and the Ethereum ETNs from VanEck (DE000A3GPSP7) and 21Shares (CH0454664027).

After an all-time high and a big tumble for bitcoin last year, industry executives and investors told CNBC that the cryptocurrency could reach new heights in 2026 — but with the potential for huge volatility.
In CNBC’s annual roundup of bitcoin predictions, several commentators forecast a wide range of prices for bitcoin in 2026, dropping as low as $75,000 and rising as high as $225,000.
Last October, bitcoin hit a record high of over $126,000 before falling later in the year to lows of around $80,000, according to CoinMetrics. Bitcoin is sitting around 30% lower than its all-time high.
Last year’s crypto market was buoyed by what was viewed as a more favorable regulatory environment in the U.S. under President Donald Trump, and increasing interest from larger institutional investors and traditional financial players like banks.
Meanwhile, there was a boom in so-called digital asset treasury (DAT) companies, which accumulate large amounts of bitcoin and other digital coins.

At the same time, debate continues over the valuations of technology stocks and whether the artificial intelligence boom will turn into a bubble.
The crypto sell-off at the end of the year came against that backdrop. As investors reassessed risk assets and crypto holders sold digital currencies, there were forced liquidations, which exacerbated the selling. This has created a tough backdrop for 2026.
“We are in a complex investing environment. Equity valuations are stretched, the geopolitical environment is chaotic and evolving, there are fears about the near-term durability of AI capex deployment, monetary policy conditions appear to be shifting, and the U.S. midterm elections are on the horizon,” Alex Thorn, head of research at Galaxy, told CNBC.
“Against this backdrop, the outlook for bitcoin in 2026 is tough to predict.”
Here are some of the boldest forecasts for the price of bitcoin in 2026.

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