If bitcoin gained 122 percent last year and seemed to have an open path to $200,000 with Trump’s promises to turn the US into the crypto capital of the world (the Genius Act was also passed, which regulates the status of stablecoins), it turned out to be completely different.
In October, bitcoin hit a record high of $126,000, then lost a quarter of its value in two months. Quite a number of large bitcoin holders decided to cash in their gains, and US ETFs, which had previously seen exceptional inflows, also suddenly saw large outflows: from the time bitcoin set a record to the end of 2025, those net outflows amounted to more than $5.5 billion in bitcoin-only ETFs.
The cryptocurrency market is also under threat of exclusion from the MSCI index of companies whose business model is increasingly based on the accumulation of cryptocurrencies (mainly bitcoin and ether) and whose balance sheets contain more than half of their crypto assets. The final decision on this will be announced on January 15. If firms like Strategy (which owns 672,000 bitcoins) are no longer included in the MSCI index, many passive funds will be forced to sell shares of such firms, which, according to some estimates, will mean the sale of crypto assets worth between 10 and 15 billion dollars, reports SEEbiz.
Enthusiasm has also waned among analysts, who have now started revising their price targets for bitcoin downwards. Goldman Sachs still predicts that bitcoin will reach $150,000 this year, while JP Morgan predicts a rise to $170,000.
