TechFlow news, December 23 — K33 Research released its 2025 annual report on the crypto market, noting that while Bitcoin's fundamentals have reached historic highs, its price performance has underperformed compared to other major asset classes. The report indicates that the U.S. government has established a strategic Bitcoin reserve, national pension funds in Abu Dhabi and Luxembourg have allocated 1-3% of their assets to Bitcoin investments, and Harvard University has made a similar allocation within its substantial endowment fund.
Meanwhile, since January 2024, over 20% of Bitcoin UTXOs older than two years have been activated, signaling large-scale selling by early holders. This trend is interpreted both as a natural profit-taking behavior and as a response to Bitcoin's increasing integration into the traditional financial system.
Despite market corrections, the report maintains a "constructively bullish" outlook for 2026, arguing that the current divergence between price and fundamentals presents investment opportunities, especially against the backdrop of a potentially more accommodative monetary policy under the incoming U.S. administration.
