Fixygen’s results of 2025 for cryptocurrencies: autumn records, a correction and a weak finish

The crypto market is ending 2025 noticeably weaker than most traditional asset classes. According to Fixygen, bitcoin fell 5.75% over the year, Ethereum fell 11.58%, and the altcoin sector dropped 42.27% altogether. Fixygen In the final stretch of December, the market remained in a regime of low liquidity and consolidation, with BTC and ETH quotes fluctuating around $88K and about $3K, respectively. The key storyline of 2025 – a strong rise to autumn highs followed by a sharp correction. Fixygen noted that the decline was amplified by derivatives and the forced closing of short positions worth about $19 billion. Fixygen In November, according to Fixygen analysts, the crypto market lost more than $1 trillion in capitalization amid profit-taking, a worsening appetite for risk and outflows from exchange-traded funds. Fixygen As the year closed, trading was marked by a thin market and the influence of large events in derivatives: Fixygen pointed to the effect of low holiday liquidity and the discussion of the large options expiry on Deribit as a potential trigger of short-term volatility. Open4Business Trends of 2025 1. Crypto is increasingly trading as a risk asset alongside the macro agenda. This showed up, among other things, in sensitivity to rate expectations and general market sentiment, as well as in participants’ talk about ETF flows. 2. Rotation within the market: after overheating, capital sought more resilient segments. Tokenization of real-world assets and the growth of infrastructure around RWA and stablecoins stood out separately: according to RWA.xyz, the total value of tokenized RWA on public blockchains is about $19.17 billion, and the stablecoin market is about $298 billion. 3. Regulation became part of investment risk and part of the “legitimization” of the industry: 2025 brought notable regulatory changes and increased attention to compliance in various regions. The near future: the base case and the fork in the road The base case for the start of 2026 is a continuation of consolidation after a volatile autumn, as the market “digests” the correction, and the dynamics will largely remain dependent on the macro backdrop, capital flows and the news agenda. After that, the fork is simple. The positive scenario – a return of sustained demand from large investors and a recovery of risk appetite, which usually supports BTC and then launches a selective “second wave” in liquid altcoins. The negative scenario – a new wave of risk-off (because of rates, geopolitics or regulatory surprises), in which pressure is felt most strongly by altcoins, as the riskiest segment – this was already visible in the results of 2025.