Bitcoin wipes out 2025 gains - where the crypto pain could hit hardest

Bitcoin has dropped back below its end-2024 level after hitting record highs in early October, erasing more than 30% gains for 2025 as the latest sell-off in risk assets deepens. Risk-off sentiment, big outflows from Bitcoin funds and ETF allocators stepping back are all feeding into a deeper crypto bear market.

WINNERS

Gold and traditional store-of-value plays

Why they may benefit: When “digital gold” stumbles, some capital rotates back to old-school hedges. A deeper crypto bear market can push investors towards gold as a more established store of value, supporting gold miners.

Names to watch:

NEM – Newmont, $NEM

GOLD – Barrick Gold, $GOLD

Large regulated exchanges outside pure crypto

Why they m ...