The performance of crypto sectors in 2025 clearly reflects a cycle shifting from speculation to survival:
DeFAI (-98%): A sector built more on narrative and promises than real value, and it collapsed first as liquidity tightened.
Exchange tokens (-12%): Limited downside because they are tied to real cash flows (fees, usage, revenues), not just hype.
Privacy coins (+25%): The only winning sector, as the market began repricing scarcity, sovereignty, and privacy amid rising surveillance and regulation.
Conclusion:
In the later stages of the cycle, capital is no longer chasing fast returns, it is seeking protection.
This is why strength rotates from narratives to fundamental properties.
$BTC
EXPOSED: The Biggest Lie in Global Finance Right Now
Wall Street wants you to panic about “China dumping Treasuries.”
Here’s what the data actually shows:
The Headline They’re Running:
China’s Treasury holdings → $688.7 billion
Lowest since 2008.
“Dedollarization is HERE.”
What They’re Hiding:
Belgium just hit $468.4 BILLION.
All-time record.
Why does this matter?
Belgium’s GDP is $580 billion. They’re not buying half their economy in Treasuries.
This is where China actually holds its dollars … through Euroclear custodial accounts in Brussels.
Net the two positions?
China’s TRUE dollar exposure: essentially unchanged.
The Real Story Nobody’s Telling:
While financial media screams “dollar collapse”:
→ Japan INCREASED holdings $10.7B to $1.2 TRILLION
→ UK SURGED $13.2B to $877.9 billion
→ Total foreign holdings: $9.2 TRILLION
Second-highest level in human history.
Here’s the Pattern:
Every time China “dumps” Treasuries, Belgium mysteriously accumulates the exact amount.
This has happened for 7 consecutive quarters.
It’s not dedollarization.
It’s an accounting shuffle designed to manufacture a narrative.
By March 2026, total foreign Treasury holdings will exceed $9.5 trillion.
The dedollarization story will quietly die.
And everyone who panic-sold duration will watch yields fall below 4%.
The money doesn’t lie.
The headlines do.
Bitcoin fits into this distortion-driven narrative as well. While headlines manufacture fear around dedollarization, capital continues to flow quietly through opaque custodial channels and accounting sleight of hand.
Bitcoin doesn’t rely on custodians, intermediaries, or reported holdings to signal demand. Its ledger is public, settlement is final, and ownership is direct.
In a system where narratives are engineered and positions are obscured, transparency itself becomes the asset and that is where Bitcoin derives its strategic relevance.
$BTC
$ETH Open Interest down ~50% since August
Ethereum’s Open Interest today is worth roughly half of what it was in August, signaling a significant reduction in market risk.
This move indicates that institutions and large whales have closed leveraged ETH positions en masse, reducing exposure and speculative pressure.
Current Open Interest distribution by exchange:
Binance → $7.64B (31%)
Gateio → $3.72B (15%)
HTX (ex-Huobi) → $3.12B (12.65%)
Bybit → $2.53B (10.25%)
HyperLiquid → $2.51B (10.18%)
Bitget → $1.79B (7.25%)
What does this tell us?
- Strong deleverage across the ETH market
- Lower probability of explosive moves in the short term
A more defensive and cautious environment, typical of consolidation phases or preparation for the next trend leg.
However, historically, deep drops in Open Interest often precede major structural moves, either a continuation to the downside with less leverage, or a healthier reversal.