U.S. financial markets saw a sharp divergence in 2025, with the S&P 500 up nearly 20% year-to-date, while bitcoin fell about 4% and ether dropped roughly 8%, despite BTC hitting a new all-time high above $120,000 earlier in the year.

The year was shaped by major political and regulatory shifts, including President Donald Trump’s re-election, the passage of the GENIUS stablecoin Act, and closer coordination between the SEC and CFTC, which paved the way for the first-ever spot Solana and XRP ETFs in the U.S.

Among U.S.-listed crypto-related stocks, BitMine Immersion was the top performer, surging 345% after pivoting to an Ethereum-focused treasury and staking model. Other strong gainers included IREN (+300%), Cipher Mining (+250%), Robinhood (+208%), and Hut 8 (+136%), driven by exposure to mining, AI infrastructure, and data center expansion.

On the downside, Sol Strategies plunged 88%, while Fold Holdings fell 75%. Stocks such as Gemini, Semler Scientific, Exodus Movement, and Strategy (MSTR) also posted steep losses, highlighting the wide performance gap across crypto-related equities despite continued institutional adoption of digital assets.