Will Crypto's Performance Improve In 2026?

Now, we got to talk about cryptocurrency ETFs. There's a lot of stuff happening there. Of course, Bitcoin and Ethereum were both pretty quiet in 2025, and the short-term trend has been modestly down, but there's still a lot of forward-looking things that are quite bright and bullish, what you might say bullish catalysts for waking up the crypto market. So, what do you see happening in the crypto ETF space? So, leading cryptocurrencies in Bitcoin and Ethereum had a horrible year in 2025, down by 8% and 11% respectively.

Oh, come on. Those are modest losses. That's not horrible. Well, given where we were in the cycle and the expectations for the new administration favoring crypto, I think it was a big disappointment certainly from where they were at their peak during the year. And given all the positive momentum favoring crypto last year, I did expect a much higher peak and a strong year.

Since crypto ultimately struggled in 2025, I am concerned about 26. Regardless, one year is typically not a significant data point for investment performance, and the long-term and short-term trends do still favor crypto. At year end 2025, the short-term three-year return for GBTC was 883%, which was far ahead of the NASDAQ 100 and the S&P. And at ETFM, we do plan to resume adding to our core Bitcoin exposure using Bitcoin Trust symbol BTC for the lower expense ratio.

Yeah. And I think when you look at the Clarity Act, the potential passage of that in 2026, the continued adoption of Bitcoin by both institutional investors as well as retail, I think you're going to see possibly some movement there to the upside. And of course, any short-term movement to the downside would certainly be an opportunity to accumulate.