Gold rose, oil fell, and Bitcoin stalled in 2025. At the same time, corporate treasury bonds quietly bought tens of billions in cryptocurrencies worth tens of billions of dollars. Together, these steps explain how tariffs, liquidity, and institutional behavior reshaped the markets as 2026 approached.
CoinGecko data shows a year full of sharp contradictions. Gold rose by 62.6%, oil fell by 21.5%, and Bitcoin closed down by 6.4%. However, digital treasury companies (DATs) invested nearly $50 billion in Bitcoin and Ethereum, controlling over 5% of the total supply.
Gold outperformed in an environment suffering from heavy tariffs. Trade barriers increase uncertainty, weaken confidence in long-term currency stability, and encourage a defensive stance. Gold benefits immediately from this mix.
Unlike growth assets, gold does not need liquidity expansion to rise. It responds to political risks and geopolitical pressures. As tariffs escalate and global trade friction increases, gold becomes the default hedge.
Oil absorbed the growth shock as Bitcoin stopped.
Oil told the opposite story. Tariffs slow trade, pressure manufacturing activity, and reduce shipping volume. This directly affects energy demand.
Crude oil prices fell by 21.5% in 2025 as supply remained abundant and non-OPEC production increased. In tariff systems, oil acts as an agent of growth — cooling growth.
A -6.4% Bitcoin year reflects a struggle in promotional intensity. Tariffs created uncertainty that should favor hedging, but they also drained discretionary liquidity. Meanwhile, inflation in the United States remained moderate but steady, keeping financial conditions tight.
The result was a long consolidation after the liquidation shock in October. Bitcoin did not collapse like oil, nor did it rise like gold. I waited for liquidity pressure to stop increasing.
Although tariffs acted as a slow local tax, inflation remained under control. Costs were gradually absorbed by importers and retailers, delaying the pass-through to consumers. This kept paper pressures low in headline data, even as purchasing power quietly eroded.
This 'slow burn' limited risk appetite without inducing panic — another reason to keep cryptocurrencies range-bound instead of collapsing.
Buyers of Treasury bonds who accumulated during the reset.
While prices struggled, DATs aggressively bought. They spent $49.7 billion in 2025, with about half in the second half of the year. Their holdings rose to $134 billion by year-end, a 137% increase year-on-year.
This behavior indicates a long-standing conviction. Treasury bond buyers accept volatility to ensure supply. Their accumulation during a year of decline focused Bitcoin and Ethereum in safe hands and tightened available humility.
Overall, 2025 was a year filled with pressure for digital currency markets. Tariffs favored gold, harmed oil, and delayed the Bitcoin cycle by draining liquidity. Meanwhile, institutions quietly built their positions.
With customs pressure ceasing to deteriorate and selling pressure easing, Bitcoin began to move again. It enters 2026 with tighter supply, stronger holders, and a clearer path to expansion once liquidity improves.
