2025 Predictions Fell Short Galaxy also reviewed

2025 Predictions Fell Short

Galaxy also reviewed its 2025 Bitcoin calls and several missed the mark.

Bitcoin did not cross $150,000 or test $185,000 as expected. While BTC briefly became one of the top risk-adjusted performers earlier in the year, it’s now on track to finish 2025 with a negative Sharpe ratio. Spot Bitcoin ETFs also fell short of the $250 billion AUM target, reaching about $141 billion instead.

A “Boring” Year May Still Be Bullish

Despite the setbacks, Galaxy believes Bitcoin is maturing into a more traditional macro asset. Volatility has declined, and downside protection now costs more than upside bets – a shift usually seen in established markets like gold.

“2026 could be a boring year for Bitcoin, and whether it finishes at $70k or $150k, our bullish outlook… is only growing stronger,” Thorn said.

For Bitcoin, stability may be the real signal of progress.