I took a look at the report card for various assets in 2025, and the differences are quite significant.

Traditional assets performed well here: silver rose by 127.4%, gold increased by 63.2%, and copper also saw a growth of 40.2%. In terms of the stock market, the Nasdaq rose by 20.8%, the S&P 500 index increased by 16.4%, and the Russell 2000 was up by 13.4%. Overall, both commodities and U.S. stocks are on the rise.

In contrast, the situation in the crypto market is not as optimistic. BTC has dropped by 9.09%, ETH has fallen even more, down 13.62%, while other cryptocurrencies have performed the worst, nearly halving in value with a decline of 44.5%.

From the data, it seems that cryptocurrencies have become the worst-performing asset class in 2025. This comparison is quite striking; on one side, commodities and stock markets are steadily rising, while on the other side, the crypto market is generally under pressure, which indeed reflects the phenomenon of market differentiation.