--- title: "The asset landscape in 2025 will see a major reversal: precious metals and U.S. stocks \"attracting capital,\" while cryptocurrencies fall back into the high-risk camp" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/270678095.md" description: "In 2025, the asset landscape underwent significant changes. Cryptocurrencies performed poorly, falling back into the high-risk asset category, while precious metals and U.S. stocks emerged as the annual winners. Silver prices rose by approximately 140%, and gold increased by about 70%, reaching historic highs. Investors turned to precious metals due to geopolitical risks and expectations of loose monetary policy. U.S. stocks steadily rose, with the Nasdaq index up 19% and the S&P 500 up 17%" datetime: "2025-12-24T02:15:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/270678095.md) - [en](https://longbridge.com/en/news/270678095.md) - [zh-HK](https://longbridge.com/zh-HK/news/270678095.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/270678095.md) | [English](https://longbridge.com/en/news/270678095.md) # The asset landscape in 2025 will see a major reversal: precious metals and U.S. stocks "attracting capital," while cryptocurrencies fall back into the high-risk camp 2025 disrupted the familiar pattern of returns. Cryptocurrencies fell into a prolonged decline and consolidation phase, ultimately becoming one of the worst-performing assets. Meanwhile, traditional assets unexpectedly emerged as the biggest winners of the year. Silver and gold delivered exceptionally strong returns, while U.S. stock indices steadily maintained an upward momentum. This divergence exposed a key industry issue: in 2025, cryptocurrencies lost their status as defensive assets or even alternative assets, returning to the ranks of high-risk assets. ## Precious metals and U.S. stocks "compete" for funds, while cryptocurrencies have a "strong start but weak finish" in 2025 In 2025, precious metals performed the strongest, intensifying the competition for funds with cryptocurrencies—these funds seek safe havens during uncertain times. Silver prices rose approximately 140% throughout the year, while gold prices increased about 70%, both reaching historic highs. This wave of rising prices was structural: expectations of loose monetary policy and geopolitical risks prompted investors to turn to assets with simple value preservation functions. Amid widespread uncertainty, investors increasingly preferred investment tools that are historically established, clearly regulated, and highly liquid. Accessibility also played a role: gold and silver can be easily purchased through exchange-traded products (including ETFs), while in the digital realm, tokenized products linked to physical assets—RWA solutions—are still developing. This lowered the entry barrier for some investors and supported demand for precious metals. Against a backdrop of limited supply, industrial demand (especially for solar energy and electric vehicles) further drove up silver prices. Safe-haven demand and a fundamentally balanced supply-demand situation not only supported silver's growth. Copper prices also rose about 37%, highlighting a broader trend in 2025: the market favored assets supported by actual demand. ![333c789fad96c893b9dbf153caf821b.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20251224/1766542161219366.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) While U.S. stocks and cryptocurrencies experienced correlated fluctuations in 2024, the comparison between the two in 2025 reveals differences. U.S. stocks ended the year with positive returns once again, while cryptocurrencies mostly closed lower. So far in 2025, the Nasdaq index has risen 19%, the S&P 500 index has increased 17%, and the Russell 2000 index has gained 14%. Slowing inflation and expectations of interest rate cuts supported the market, while the artificial intelligence investment cycle attracted additional demand for the technology sector. For cryptocurrencies, this backdrop helps explain the reallocation of venture capital. Investors increasingly sought assets through highly liquid, clearly regulated exchange-traded tools. In this context, stocks appeared more attractive in terms of risk-return balance, while cryptocurrencies, after a strong start at the beginning of the year, failed to maintain inflows throughout the year. ![31cc07e1dae4ea6d1310b314faa6871.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20251224/1766542394741640.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) The cryptocurrency market failed to sustain growth. At the beginning of 2025, the cryptocurrency market appeared almost perfect. The launch and scaling expansion of the U.S. spot Bitcoin ETF triggered strong capital inflows, with Bitcoin prices reaching new highs, and investors began to talk about a "new cycle" again. For a brief period, cryptocurrencies regained their status in competing for massive funds with traditional markets. However, the situation changed in the second half of the year. The ETF effect quickly faded after its initial driving force, and the market had to face reality: liquidity remained fragile, regulatory risks were high, and the macro environment was not conducive to aggressive risk-taking. As a result, cryptocurrencies entered a phase of adjustment and consolidation, while funds began to flow into more predictable assets. At this time, precious metals and their related ETFs, as well as funds and ETFs tracking U.S. stock indices, became the focus of the market, benefiting from expectations of loose monetary policy. Meanwhile, the focus of the cryptocurrency industry also shifted: the most resilient assets were not "pure" cryptocurrencies, but RWA and other products linked to real assets and cash flows. **Bitcoin: Under Pressure** For Bitcoin, the flagship product of the cryptocurrency market, 2025 was a rollercoaster year. At the beginning of the year, with the U.S. launching the spot ETF, Bitcoin reached an all-time high as the market gained a legitimate and convenient channel for funds that had previously been outside the cryptocurrency market to flow in. Moreover, due to Trump's friendly attitude towards cryptocurrencies, Bitcoin was even seen as a "defensive" asset during the market crash triggered by "Liberation Day" tariffs. However, the typical pattern for Bitcoin soon emerged: a strong news-driven rally was quickly replaced by profit-taking and consolidation, while new momentum to support months of sustained growth failed to materialize. ![397b55f8e85961526dea96744a39fbb.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20251224/1766542367717897.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) As of the time of writing, Bitcoin was trading at approximately $88,000, about 6% lower than the beginning of the year, indicating that 2025 would close with a decline of about 6%. For Bitcoin, this is an important signal: even with an ETF, if the overall demand for risk assets is weak, the market cannot guarantee growth. The key difference in 2025 lies in the demand structure. The ETF increased institutional investor participation and lowered the entry threshold, but it also made price dynamics more market-driven. Growth became more reliant on the inflow and outflow of funds and the overall liquidity situation. **Ethereum: Lacking Growth Momentum** In 2025, Ethereum failed to translate its technological advantages into price growth, falling about 12% over the year, retreating from its spring peak to around $3,000. Unlike Bitcoin, which benefited from institutional investor-driven demand through ETFs, Ethereum lacked similar strong market demand catalysts From an ecosystem perspective, network upgrades and Ethereum's central position in DeFi and Web3 infrastructure remain important, but in a low-risk preference environment, these are insufficient to attract investors. For the 2025 market, these factors also seem inadequate: the response of capital does not stem from technological development, but rather from liquidity, regulatory transparency, and ease of access. Another factor is the competition for investor attention. Some investment activities have shifted to layer two solutions and alternative blockchains, while Ethereum itself is increasingly seen as an infrastructure asset, lacking a clear short-term investment outlook. **Altcoins (alternative coins other than Bitcoin): The weakest sector** In 2025, the altcoin market became the weakest part of the cryptocurrency sector. On average, the value of altcoins fell by about 42%, and the total market capitalization of this sector nearly halved within a year. Investors systematically reduced their investments in altcoins, turning their attention to more liquid instruments. Even strong rhetoric failed to change the overall trend of the altcoin market. Individual ecosystems and tokens may periodically be stimulated by on-chain activity, speculative waves, exchange product development, or their role in DeFi and RWA infrastructure. However, these driving forces are mostly fleeting and fail to translate into sustained growth. Insufficient liquidity and reduced risk appetite, along with fundamental factors, were not enough to prevent overall capital outflow from altcoins. Thus, 2025 confirmed that altcoins are most dependent on excess liquidity and market optimism—when both are absent, this sector became the worst-performing sector of the year. ## Summary: Why did cryptocurrencies lose value in 2025? The poor performance of cryptocurrencies in 2025 was not due to a loss of interest in the technology, but rather because the market changed its selection criteria. In a highly uncertain environment, funds primarily flowed into more predictable liquidity and assets with clearer risks, while cryptocurrencies still belong to the high-volatility risk category, making it difficult to achieve reasonable allocation in portfolios. The second factor is the waning initial momentum. The ETF market performed strongly at the beginning of the year, but relying solely on exchange-traded products could not create sustained demand. In the context of insufficient liquidity and no new capital stabilizing inflows, the market shifted to profit-taking and consolidation, with investors' attention turning to sectors with more transparent risk characteristics. The third factor is the internal weakness of the altcoin market. Even though there were some popular projects and trends—such as Solana, meme coins, and individual ETFs or ETP products linked to altcoins—these trends were mostly short-lived and failed to develop into widespread trends. The regulatory environment and technological risks further reinforced investors' choices towards other asset classes. Ultimately, 2025 became a year where cryptocurrencies failed to demonstrate advantages over other investment tools in key parameters critical to large capital (demand stability, liquidity, and risk predictability). If the macroeconomic environment improves in 2026 and risk appetite rebounds, the market may have a chance to recover—but this requires stricter demands on the quality of instruments and the structure of demand ### 相關股票 - [Proshares UltraPro Short QQQ ETF (SQQQ.US)](https://longbridge.com/zh-HK/quote/SQQQ.US.md) - [Invesco QQQ Trust (QQQ.US)](https://longbridge.com/zh-HK/quote/QQQ.US.md) - [iShares Silver Tr (SLV.US)](https://longbridge.com/zh-HK/quote/SLV.US.md) - [Direxion Nasdaq 100 Equal Weight Index shares (QQQE.US)](https://longbridge.com/zh-HK/quote/QQQE.US.md) - [Proshares UltraPro QQQ (TQQQ.US)](https://longbridge.com/zh-HK/quote/TQQQ.US.md) - [Pro Ultr Silver (AGQ.US)](https://longbridge.com/zh-HK/quote/AGQ.US.md) ## 相關資訊與研究 - [The DeCarley Perspective...We weren’t kidding when we said, “They are game-stopping silver.”](https://longbridge.com/zh-HK/news/281551815.md) - [Here's How Much $100 Invested In abrdn Physical Silver Shares ETF 10 Years Ago Would Be Worth Today](https://longbridge.com/zh-HK/news/281394387.md) - [Hecla Mining Conference: HL Sharpens Silver Focus, Cuts Debt, Eyes Keno Hill Ramp-Up and Nevada Restart](https://longbridge.com/zh-HK/news/281457460.md) - [Silver & Industrial Metals Explode! 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