After hitting record highs above $120,000 in October, Bitcoin has slid back toward the low-$90,000 range, leaving it on course for its first negative year since 2022 despite strong gains in 2023 and 2024.
Volatile ETF flows, a fragile macro backdrop, and renewed risk-off sentiment in crypto have turned what began as a blockbuster year into a late‑cycle squeeze for the world’s largest digital asset.
2025 performance in numbers
Bitcoin started 2025 trading around the low‑$90,000s and surged to an all‑time high of roughly $126,200 on 6 October, before giving up much of those gains in a sharp fourth‑quarter selloff. As of early December, price data from major market trackers show Bitcoin oscillating around the $90,000 level, leaving it roughly one‑third below its October peak.
Annual return figures compiled by market analytics sites now show Bitcoin down by about 3% for 2025 so far, compared with gains of more than 120% in 2024 and over 150% in 2023, making this year the first likely annual loss since the deep bear market of 2022. Even with this setback, Bitcoin remains far above its late‑2023 levels near $40,000, underscoring how extreme the latest boom‑and‑bust cycle has been for long‑term holders.
Bitcoin annual returns since 2020 (approx.)
| Year | Approx. annual return | Comment |
| 2020 | +303% | Major bull run driven by institutional adoption and macro hedging narrative |
| 2021 | +60% | New highs amid retail and institutional FOMO |
| 2022 | -64% | Severe crypto winter after leverage blow‑ups and major failures |
| 2023 | +155% | Recovery rally as markets digested earlier collapses |
| 2024 | +121% | ETF optimism and renewed institutional interest |
| 2025* | about -3% (YTD) | On track for first annual decline since 2022 if prices stay near current levels |
2025 figure based on returns up to early December.
Local data from major exchanges and index providers show that volatility intensified in late 2025: after opening November above $109,000, Bitcoin briefly slumped toward the low‑$80,000s before stabilizing around $90,000 into December. Editorial analysis on your own platform has highlighted this move as part of a broader $1.2 trillion market‑wide selling wave that pushed Bitcoin to a seven‑month low near $82,600 during November’s worst session.
Why the 2025 rally broke down
Several structural supports that propelled Bitcoin higher earlier in 2025 have weakened or reversed in the second half of the year. Analysts note that heavy optimism around spot and mixed crypto ETFs, early‑year macro tailwinds, and aggressive price targets up to $150,000–$200,000 created conditions for a crowded trade that was vulnerable once inflows slowed.
Research from ETF and crypto market specialists points out that regulatory changes in the United States made it easier to launch and operate crypto ETFs, driving record inflows and contributing to the run‑up toward October’s all‑time high. But by late 2025, reports showed ETF outflows, fragile liquidity and a shift in sentiment, with some funds seeing redemptions just as macro concerns—ranging from global growth worries to uncertainty around future interest‑rate cuts—returned to center stage.
On‑chain and market‑structure commentary also highlights miner stress and leveraged positioning as important parts of the story. Editorial coverage and analytics have linked the November crash to a combination of miner capitulation, forced liquidations in derivatives markets, and profit‑taking by long‑term holders who bought at much lower levels in 2022–2023.
Market impact and investor sentiment
For long‑term investors, the 2025 pullback is painful but not unprecedented in Bitcoin’s history, where double‑ and triple‑digit annual swings have been common over the past decade. Historical performance data show that even after this year’s slide, Bitcoin’s multi‑year return from 2019 to 2025 exceeds 1,000%, far outpacing traditional asset classes but with far greater volatility and drawdown risk.
Short‑term sentiment, however, has clearly turned more cautious. Coverage from financial media and crypto‑focused outlets notes that professional traders are skeptical about the durability of any bounce above the low‑$90,000s, pointing to weakening ETF demand and low trading volumes as signs that new buyers remain hesitant.
At the same time, your own site’s reporting has underlined that the broader crypto market remains fragile even when Bitcoin stages brief rebounds, with altcoins often underperforming and liquidity thinning during intraday swings. That divergence between occasional upside spikes in Bitcoin and ongoing stress in the rest of the market is reinforcing the view that this is a late‑cycle phase of a longer bull market rather than the start of a fresh, broad‑based upturn.
Key 2025 price milestones
Analysts and traders are watching several key levels from 2025’s trading range as potential reference points if volatility increases again. These include the October record, the November lows, and the current consolidation area around $90,000, all of which help frame how deep the recent correction has been.
Selected 2025 Bitcoin milestones
| Date / period | Approx. level (USD) | Context |
| Early Jan 2025 | Around $93,000 open | Market carried momentum from strong 2024 rally |
| Feb 2025 | Brief drop below $80,000 close | Early‑year volatility as macro worries resurfaced |
| April–May 2025 | Move from low‑$80,000s to above $110,000 | Renewed ETF inflows and improving macro signals |
| 6 Oct 2025 | Record high near $126,200 | Peak of ETF‑driven optimism and aggressive price forecasts |
| Nov 2025 low | Around $82,600 | Seven‑month low amid $1.2T market selloff and ETF outflows |
| Early Dec 2025 | Roughly $90,000–$94,000 | Modest rebound but still well below October peak |
These milestones illustrate how far Bitcoin has fallen from its October high while still trading at more than double its levels from late 2023, a pattern consistent with previous cycles where steep corrections followed parabolic advances. Market commentary also stresses that the speed of the drop—from above $120,000 to the low‑$80,000s within weeks—has amplified liquidations and risk management pressures across trading desks.
What comes next and key sources
Forward‑looking research from banks, ETF analysts, and crypto specialists presents a split outlook: some foresee renewed upside if interest‑rate cuts materialize and ETF inflows return, while others warn that weakening trend indicators and a downward‑sloping 200‑day moving average point to a more prolonged consolidation or further downside. Several studies also highlight that recent pro‑crypto regulatory moves and policies—such as streamlined ETF approvals, clearer stablecoin rules, and the push to integrate digital assets into regulated investment products—could support the market over the longer term even if short‑term price action remains choppy.
For now, Bitcoin appears set to log its first annual decline since 2022 unless a late‑December rally can push prices meaningfully above current levels and reverse the small negative return recorded so far this year. Against that backdrop, risk‑conscious investors and readers may focus less on near‑term price targets and more on volatility, liquidity conditions, and policy signals that will shape how the next phase of Bitcoin’s cycle unfolds in 2026.
