Arca CIO on Why Crypto’s 2025 Rally Isn’t a True Bull Market and Why Some Tokens Have Outperformed

News Back to menu News Markets Finance Tech Policy Focus Prices Back to menu Prices Data Back to menu Data Trade Data Derivatives Order Book Data On-Chain Data API Research & Insights Data Catalogue AI & Machine Learning Indices Back to menu Indices Multi-Asset Indices Reference Rates Strategies and Services API Insights & Announcements Documentation & Governance Research Back to menu Research Events Back to menu Events CoinDesk: Policy & Regulation Consensus Hong Kong Consensus Miami Sponsored Back to menu Sponsored Thought Leadership Press Releases CoinW MEXC Phemex Advertise Stellar Videos Back to menu Videos CoinDesk Daily Shorts Editor's Picks Podcasts Back to menu Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Newsletters Back to menu Newsletters CoinDesk Headlines Crypto Daybook Americas State of Crypto Crypto Long & Short Crypto for Advisors Webinars Back to menu Webinars English Select Language English en Deutsch de Nederlands nl Русский ru Français fr 中文 zh Português pt-br 한국어 ko Filipino fil Italiano it Español es Українська uk Search / News Prices Data Indices Research Events Sponsored Search / Sign In Sign Up BTC $ 117,105.13 0.83 % ETH $ 4,566.99 1.55 % USDT $ 1.0002 0.00 % XRP $ 3.1198 2.96 % BNB $ 995.60 4.88 % SOL $ 245.97 4.42 % USDC $ 0.9997 0.00 % DOGE $ 0.2807 5.30 % TRX $ 0.3463 1.67 % ADA $ 0.9136 4.87 % HYPE $ 57.31 4.10 % LINK $ 24.28 5.77 % AVAX $ 33.24 12.36 % SUI $ 3.8628 7.85 % USDE $ 1.0010 0.01 % BCH $ 646.32 7.87 % XLM $ 0.3988 3.19 % HBAR $ 0.2465 4.96 % WBT $ 43.86 0.85 % LEO $ 9.4999 0.81 % BTC $ 117,105.13 0.83 % ETH $ 4,566.99 1.55 % USDT $ 1.0002 0.00 % XRP $ 3.1198 2.96 % BNB $ 995.60 4.88 % SOL $ 245.97 4.42 % USDC $ 0.9997 0.00 % DOGE $ 0.2807 5.30 % TRX $ 0.3463 1.67 % ADA $ 0.9136 4.87 % HYPE $ 57.31 4.10 % LINK $ 24.28 5.77 % AVAX $ 33.24 12.36 % SUI $ 3.8628 7.85 % USDE $ 1.0010 0.01 % BCH $ 646.32 7.87 % XLM $ 0.3988 3.19 % HBAR $ 0.2465 4.96 % WBT $ 43.86 0.85 % LEO $ 9.4999 0.81 % Ad Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Arca CIO on Why Crypto’s 2025 Rally Isn’t a True Bull Market and Why Some Tokens Have Outperformed Arca’s Jeff Dorman says most digital assets are still deep in the red this year, making 2025 look more like a selective rally than a true bull market. By Siamak Masnavi , AI Boost | Edited by Aoyon Ashraf Updated Sep 18, 2025, 12:45 p.m. Published Sep 18, 2025, 12:22 p.m. Abstract blockchain networks illustration (Midjourney / Modified by CoinDesk) What to know : Arca CIO Jeff Dorman said 75% of tokens he tracks are negative year-to-date, with over half down at least 40%. He argued that gains in BTC, ETH, SOL, BNB and XRP mask broader weakness in the market. Dorman said investors must now focus on revenue-generating tokens and disciplined projects rather than betting on broad-based altcoin surges. The chief investment officer of digital asset manager Arca is challenging the idea that 2025 represents a broad-based crypto bull market, arguing that only a handful of large-cap tokens are carrying the industry. In an X thread posted Tuesday, Jeff Dorman wrote that “more than 75% of tokens in our coverage universe are negative year-to-date, and more than 50% of tokens are down 40% or more YTD.” STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . He added that some of the year’s few gainers have been “complete nonsense coins and memecoins that no serious investor would even look at,” citing litecoin LTC $ 115.81 and bitcoin cash BCH $ 645.81 . By contrast, the best-known names have done relatively well. Bitcoin BTC $ 117,120.12 , ether (ETH) , solana SOL $ 246.04 , binance coin BNB $ 996.59 and XRP are all up between 20% and 40% this year, Dorman said. He compared the dynamic to traditional finance, where large caps can rally while smaller stocks slump: “This is the TradFi equivalent of the DJIA and GameStop having a good year, while small caps are -40%.” Dorman argued that this dispersion is ultimately healthy. Broad rallies, he said, breed complacency, while uneven performance forces investors to be more selective. “Nothing good comes from an everything rally, because no one learns anything,” he wrote. When weaker projects falter, he added, investors “start to ask questions like ‘how are you doing this?’” Unlike in past cycles, he said, investors in 2025 cannot simply rely on momentum across altcoins. Instead, they must prioritize projects with tangible business models. “Own stocks and tokens that actually make money & buy back their own tokens with the profits,” Dorman said. “The days of throwing darts to make a fortune are over (i.e. Alt Season isn’t a thing) .” 'FAANG' of crypto According to Dorman, the tokens and companies that have held up in 2025 generally fall into a few categories. Assets connected to exchange-traded funds or digital asset trusts, such as BTC, ETH and SOL, are leading the way. Crypto-related equities have also performed well, including Circle, Galaxy Digital, Coinbase and miners like Iris Energy and TeraWulf. He also pointed to what he called “U.S. government coins,” namely XRP and Chainlink's LINK token. Finally, Dormann noted that revenue-generating tokens that distribute value back to holders — among them Hyperliquid's HYPE, Pump.fun's PUMP, Maple Finance’s MPL/SKY — have stood out as relative winners. Earlier this year, Dorman had floated the idea of a crypto equivalent to the “FAANG” stocks. He suggested an acronym called the “BACHELORS”, naming tokens such as BNB, AERO, CAKE, HYPE, ENA, LEO, OKB, RAY and SKY (MKR) . In his Sept. 16 thread, he updated that list to the “BARHEAPs,” incorporating newer projects like PUMP. For Dorman, the lesson of 2025 is that crypto’s growth story is more complicated than headline gains might suggest. He argued that calling the year a “bull market” is misleading, since at best it represents a narrow cycle led by a few majors and select revenue-focused projects. “The reason this has been a hard bull market is because it’s barely even a good year for crypto, let alone a bull market,” he wrote. crypto market Altcoins Bitcoin AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Bitcoin Cash Rallies to Nearly $650, Highest Level Since April 2024 By Omkar Godbole | Edited by Oliver Knight 57 minutes ago The rally is likely due to shift in market sentiment following the Fed's rate cut and expectations of faster approvals of crypto ETFs in the U.S. What to know : Bitcoin cash (BCH) has surged 7% to $646, reaching levels last seen in April 2024. The rally is likely due to shift in market sentiment following the Fed's rate cut and expectations of faster approvals of crypto ETFs in the U.S. Read full story Latest Crypto News Bitcoin Cash Rallies to Nearly $650, Highest Level Since April 2024 57 minutes ago Crypto Markets Today: BNB, AVAX and DOT Lead Futures Trends 1 hour ago With Fed Done, Here's 3 Stories to Watch: Crypto Daybook Americas 1 hour ago BNB Hits $1,000 All-Time High as Binance Nears DOJ Deal, Rumors of CZ’s Return Grow 2 hours ago Tether, Tokenization Pioneers Unveil Startup Focused on GENIUS-Aligned Digital Dollars 2 hours ago Australia's Financial Watchdog Offers Exemptions to Stablecoin Intermediaries 3 hours ago Top Stories With Fed Done, Here's 3 Stories to Watch: Crypto Daybook Americas 1 hour ago BTC, XRP, SOL, DOGE Resume Slow Grind Higher After Fed, Dollar Index Is Resilient Too 6 hours ago Tether, Tokenization Pioneers Unveil Startup Focused on GENIUS-Aligned Digital Dollars 2 hours ago SEC Makes Spot Crypto ETF Listing Process Easier, Approves Grayscale's Large-Cap Crypto Fund 14 hours ago Ripple, Franklin Templeton and DBS to Offer Token Lending and Trading 7 hours ago Bitcoin ETF Inflows Reverse as Fed’s Hawkish Outlook Triggers Market Caution 4 hours ago In this article LTC LTC $ 115.81 ◢ 1.23 % BCH BCH $ 646.06 ◢ 7.87 % BTC BTC $ 117,120.12 ◢ 0.83 % About About Us Masthead Careers Blog Investor Relations Contact Contact Us Accessiblility Advertise Sitemap System status News Markets Finance Tech Policy Focus Videos CoinDesk Daily Editors Picks Shorts Spotlight Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Cryptocurrencies Prices Bitcoin (BTC) Ethereum (ETH) XRP Solana (SOL) Data Trade Data Deriviatives OrderBook Data On-Chain Data API Data Catalogue AI & Machine Learning Indices Mult-Asset Indices Reference Rates Strategies & Services Insights & Announcements Documentation & Governance Events CoinDesk: Policy & Regulation Consensus Hong Kong Consensus Miami Webinars Sponsored Thought Leadership Press Release MEXC Phemex Stellar Research Research Reports Ethics Privacy Terms of Use Cookie Settings Do Not Sell My Info X icon © 2025 CoinDesk, Inc. Disclosure & Polices : CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.