The director of investments of the Director of Digital Assets Arca challenges the idea that 2025 represents a bull market with wide crypto, arguing that only a handful of large capitalization tokens transport the industry.
In a thread X displayed on Tuesday, Jeff Dorman wrote that “more than 75% of tokens in our coverage universe are negative of the year, and more than 50% of tokens are down 40% or more YTD.”
He added that some of the rare winners of the year were “parts and the same complete that no serious investor would look”, citing Litecoin and Bitcoin Cash .
On the other hand, the most famous names have relatively well successful. Bitcoin ether (Eth)Solara Binance Coin And XRP is all up between 20% and 40% this year, Dorman said.
He compared the dynamics to traditional finance, where large caps can rally while small stocks collapse: “It is the tradfi equivalent of the DJIA and the Gamescop having a good year, while the small capitalizations are -40%.”
Dorman argued that this dispersion is ultimately healthy. Large rallies, he said, cause complacency, while uneven performance requires investors to be more selective. “Nothing good comes from a rally of everything, because no one learns anything,” he wrote. When weaker projects vacillate, he added, investors “start asking questions like” How do you do this? ” »»
Unlike past cycles, he said, investors in 2025 cannot simply count on momentum through altcoins. Instead, they must prioritize projects with tangible commercial models. “The own actions and tokens that earn money and buy their own tokens with the profits,” said Dorman. “The days of launching darts to make a fortune are completed (that is, the Alt season is not one thing). “”
“Faang” by Crypto
According to Dorman, tokens and companies that resisted in 2025 generally enter a few categories.
The assets connected to the funds negotiated in exchange or to the digital asset trusts, such as BTC, ETH and Sol, open the way.
Crypto -related actions have also performed well, including Circle, Galaxy Digital, Coinbase and minors like Iris Energy and Terawulf.
He also pointed out what he called “American government coins”, namely the Liaison token of XRP and Chainlink.
Finally, Dormann noted that the revenue generating tokens that distribute the value to the holders – including the hyperliquid media threshing, the pump pump, the MPL / Sky of Maple Finance – stood out as relative winners.
Earlier this year, Dorman had launched the idea of ​​a crypto equivalent to “faang” actions. He suggested an acronym called “singles”, appointing tokens such as BNB, Aero, Cake, Hype, ENA, Leo, Okb, Ray and Sky (MKR). In his thread of September 16, he updated this list of “Barheats”, incorporating new projects like Pump.
For Dorman, the lesson of 2025 is that the story of growth of the crypto is more complicated than the gains of the head do not suggest it. He argued that the call of the year a “bullish market” is misleading, because at best, it represents a close cycle led by some majors and certain projects focused on income.
“The reason why it was a bullish market is because it is barely a good year for the crypto, not to mention a bull market,” he wrote.
