This is part of the 0xResearch newsletter. To read the full editions, Subscribe.
It’s been a slow week with Christmas, and the traditional markets were closed yesterday. Bitcoin (BTC) fell slightly (-0.4%) amid subdued trading volumes across the board, reflecting the broader holiday calm. With price action calming down, it’s a good moment to step back and reflect on 2025 and consider positioning for 2026.
Bitcoin has underperformed stock indices this year, but its performance against gold and silver has been more surprising. In hindsight, these two will likely be remembered as the standout assets of 2025, a surprising result if you had predicted them at the start of the year. Gold is having its best year since 1979, rising nearly 72% year to date, and recently rising to all-time highs above $4,500 an ounce. Silver has fared better, rising nearly 160% year to date and nearly 45% in the past month alone, reaching a record high of $75 an ounce yesterday.
Looking ahead, 2026 could present compelling opportunities in liquid tokens. Many high-quality DeFi names are trading near multi-year lows, even as fundamentals and forward-looking growth remain strong. Crucially, value capture has shifted from infrastructure to applications: at Solana, for example, applications now generate nearly three times more network revenue. The key question for investors is whether and when valuations will start to reflect this new reality.
Get news in your inbox. Explore Blockworks newsletters:
