BIT Capital Quarterly Report Crypto Q4 2025

The fourth quarter of 2025 marked the volatile end to an eventful year. Geopolitical tensions, a temporary liquidity drain following the US government shutdown, and a Federal Reserve policy stance that remained unclear for an extended period led to repeated risk-off movements. At the same time, the debate over the sustainability and capital discipline of the ongoing AI investment cycles intensified noticeably.

The Quarterly Report Crypto discusses how a pronounced break in momentum following macroeconomic and geopolitical shocks weighed on crypto market structure in the fourth quarter, why 2025 remained a weak year for prices despite far-reaching regulatory and institutional progress, and how we have aligned our actively managed crypto funds with robust business models, structural winners, and an increasingly macro-driven market regime.

Note: The full quarterly report is available in German only.