In 2025, crypto has become the worst-performing asset class so far.

While silver is up 130%, gold 65%, and equities are holding steady, crypto has lagged badly:

• $BTC

BTC

90,887.42

-1.82%

: -6%

• $ETH

ETH

3,148.14

-3.14%

: -12%

• Altcoins: -42%

When liquidity tightens and risk appetite shifts, capital prioritizes assets with certainty, cash flows, or real-world demand.

Crypto has been left out of that rotation so far in 2025.

Whether this becomes a long-term trend or a temporary disconnect is still open.

But the message from markets right now is unambiguous.