Bitcoin ended 2025 down 3%, largely due to significant selling by long-term investors or "whales." However, it recorded its least volatile year on record, with expectations for new highs in 2026 driven by lower interest rates and regulatory clarity.

Ethereum's 10th anniversary prompts a reevaluation of the crypto landscape, highlighting the diverse nature of digital assets and the need for nuanced perspectives. While mainstream finance is increasingly engaging with crypto, the sector still grapples with significant risks, volatility, and regulatory challenges. Ultimately, both enthusiasts and skeptics must recognize the complexity of crypto’s role in the financial ecosystem.

Morningstar DBRS has raised concerns about the credit risks associated with corporate treasuries adopting Bitcoin, citing factors such as regulatory uncertainty, volatility, and liquidity challenges. The report highlights that a significant portion of corporate Bitcoin holdings is concentrated among a few companies, with Strategy controlling a majority of public company reserves. As more firms explore crypto treasury strategies, these vulnerabilities could impact corporate credit assessments.