Metrics Ventures Market Watch: Chaotic Consolidation Continues

Metrics Ventures December Market Watch Summary

1/ As 2025 is almost over, I would like to wish all MVC friends a happy Christmas and New Year! Looking back, 2025 was a cold year for crypto investment. The annual return of crypto assets ranked at the bottom in the US dollar market, mainly due to the collapse in Q4. At the end of the year, I hope everyone can take a break during this dull period and make up for it in the coming year.

2/ The market performance over the past month hasn't offered much to analyze. It's been in a lifeless, chaotic state, with trading volume shrinking on both the CEX and NYSE, and volatility converging. The current narrow trading range is nearing its end. What's more distressing for high-frequency traders is the lack of a clear turning point in this contraction; so-called "door-shaped" price movements and "flash crashes" are likely to become the dominant theme in the near term. This period might be more suitable for rest and consolidation, allowing for a more systematic analysis of the market.

A review and commentary on the overall market situation and market trends.

Compared to the cryptocurrency market, the focus of the capital markets in the past month has been on precious metals. The anticipated fourth-quarter rally did materialize, but it was dominated by silver – the current monthly trading volume of silver on the Shanghai Stock Exchange alone has exceeded 7.5 trillion RMB, and the open interest in options on COMEX is several times the actual market inventory. This frenzy is reminiscent of the cryptocurrency market in 2020-2021, while Bitcoin's sluggish performance is truly lamentable. Specifically, since October, the relative price strength between gold and Bitcoin has broken through the long-term downward range since the easing of monetary policy in 2020, making this high-level capital rotation even more apparent.

Chart: Gold and Bitcoin Price Exchange Rates

Of course, there are still some positive signs in the market. The fact that MSTR has retained its NASDAQ 100 index status, the Fed Chairman's further clarification of direction, and the potential crisis of the AI bubble all provide support for the market in 2026. Standing at the end of 2025, we still believe that this is a continuation of the year-long consolidation that began at the end of 2024. There will always be ups and downs in the wide fluctuations of prices. At this time, it is better to conserve energy and build up strength.

This month's report is rather brief, which is more in line with our theme of taking a break. Once again, I wish everyone a happy Christmas and New Year, and see you in 2026!

about Us

Metrics Ventures is a data and research-driven secondary market liquidity fund for crypto assets, led by a team of experienced crypto professionals. This team possesses expertise in both primary market incubation and secondary market trading, and plays an active role in industry development through in-depth on-chain/off-chain data analytics. The MVC collaborates with influential figures in the crypto community to provide long-term empowerment support to projects, including media and KOL resources, ecosystem collaboration resources, project strategy, and economic model consulting capabilities.

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