Analysts say the sharp decline across cryptocurrencies in 2025 reflected a repricing year as institutional capital began a gradual market entry.
Excluding Bitcoin, the broader crypto market posted bear-market conditions during the year.
Decentralised finance tokens fell about 67%, while smart contract-linked cryptocurrencies recorded average losses of roughly 66%.
Real Vision analyst Jamie Coutts said the downturn marked a reassessment of leading blockchain projects.
Repricing the highest quality protocols is happening as the multi-year onboarding of institutional capital begins.
Jamie Coutts said.
Data showed Solana led blockchain networks by fees in 2025, generating about $585m, followed closely by Tron at $576m.
Nansen analyst Nicolai Sondergaard said large investors tend to focus on the top five cryptocurrencies.
Many expect that with liquidity coming back, big players prepare by accumulating.
Nicolai Sondergaard said.
Despite weak performance, major financial institutions continued launching regulated crypto investment products.
Morgan Stanley filed for multiple cryptocurrency exchange-traded funds tied to Bitcoin, Solana and Ether.
Market forecasts for 2026 remain mixed, with some analysts expecting renewed growth after early-year weakness.
Bitget Wallet analyst Lacie Zhang said excess leverage has been cleared, bringing valuations closer to institutional entry levels.
At the time of reporting, Bitcoin price was $91,448.44.