Bitcoin Underpeforming US Treasuries

In a truly shocking twist, Bitcoin has now performed worse than the U.S. Treasuries in 2025. BTC is now up by a mere 8% this year.

Why it’s a big deal

US Treasuries are typically known for being the ultimate risk-free benchmark for investors.

Hence, the fact that the highly speculative asset performs worse than US Treasuries during what was supposed to be a banner year for crypto shows just how weak the cryptocurrency is.

It is worth noting that Bitcoin (the yellow line) did spend most of the year well above Treasuries. However, it dropped below them on Tuesday following the latest price crash that erased a significant portion of its 2025 gains.

As reported by U.Today, the flagship coin recently briefly dropped below the $100,000 level.

“Max desperation”

According to Matt Hougan, Bitwise’s chief investment officer, has noted that retail investors are at the point of “max desperation.”

However, Hougan is convinced that another cryptocurrency winter is not coming.

Key level to watch

On Tuesday, Bitcoin exchange-traded funds (ETFs) logged a whopping $578 worth of outflows.

Notably, the average cost basis of all Bitcoins ever bought through spot ETFS currently stands $89,600.