Bitcoin and Ethereum are trading in negative territory for 2025 with six weeks left in the year. The two largest cryptocurrencies by market capitalization are leading a broader market decline that positions crypto among the poorest-performing asset classes. Without a significant catalyst, digital assets may finish 2025 behind traditional equity markets and money market instruments in total returns.

Harvard University's endowment held 6,813,612 shares of BlackRock's iShares Bitcoin Trust valued at $442.9 million as of September 30, according to SEC filings. The position increased from 1,906,000 shares worth approximately $116 million disclosed earlier in the year. The endowment also doubled its position in the GLD gold ETF to 661,391 shares valued at $235 million.

Bitcoin fell below $96,000 after 12 consecutive days of decline. Data show approximately 99% of investors who purchased BTC during the past 155 days now hold coins below their cost basis. The prolonged sell-off has left recent accumulation cohorts facing significant drawdowns despite continued institutional interest.

James Chanos has closed his hedged short position against MicroStrategy and Bitcoin after 11 months. Pierre Rochard, CEO of The Bitcoin Bond Company, views the move as a potential signal that difficulties for Bitcoin treasury companies may be easing. Rochard expects continued volatility but characterizes the development as indicative of a potential market reversal.

Large movements from dormant Bitcoin addresses have sparked speculation that early holders are liquidating. On-chain analyst Willy Woo argues the data lacks context: many transactions involve security upgrades, institutional custody transfers, or treasury restructuring rather than outright sales.

Bitcoin faces exposure of approximately 6.5 million BTC to quantum computing attacks, according to a Human Rights Foundation report. The analysis identifies nearly one-third of all Bitcoin held in address formats vulnerable to quantum decryption of exposed public keys. The network confronts complex technical upgrades and governance debates over protecting at-risk coins while preserving decentralization principles.

Bitcoin options markets show defensive positioning as traders rebuild after October's deleveraging wiped out over $19 billion in leveraged positions. Approximately $31 billion in contracts are set to expire during Halloween week, with heavy put concentration around $100,000 and calls clustered near $120,000. Short-dated implied volatility remains elevated near 50%, reflecting sustained caution despite Bitcoin's recent price recovery.

Bitcoin is trading near $110,000, approximately 30% below its Nasdaq 100-correlated fair value of $156,000, according to ecoinometrics. This represents one of the widest valuation gaps recorded in two years. The last comparable divergence occurred in 2023 and preceded a significant rally.