Jocy, founding partner of IOSG, wrote on the X platform that 2025 was the "worst year" for the crypto market, with three waves of selling by OG investors. From March 2024 to November 2025, long-term holders (LTHs) cumulatively sold about 1.4 million BTC (worth $121.17 billion):
The first wave (late 2023-early 2024): ETF approval, BTC from $25,000 → $73,000;
Second wave (end of 2024): Trump is elected, BTC rushes towards 100,000 USD;
Third Wave (2025): BTC is above $100,000 for a long time. Unlike the single explosive allocation in 2013, 2017, 2021, this time it is multi-wave continuous allocation. The past year has been sideways at the high of BTC for a year. This has never happened in the past. BTC that has not moved for more than 2 years has decreased by 1.6 million (about $140 billion) since the beginning of 2024.
But the flip side of risk is opportunity, in terms of investment logic.
Short-term (3-6 months): 8.7-9 5,000 dollar range fluctuations, institutions continue to build positions;
Medium term (first half of 2026): policy + institutional dual drive, target 12-150,000 US dollars;
Long-term (second half of 2026): Increased volatility, depending on election results and policy continuity.
IOSG founding partner: 2025 is the "worst year" for the crypto market, but 2026 is optimistic
2025-12-21 17:58:18
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