{"id":48244,"date":"2025-09-18T12:46:57","date_gmt":"2025-09-18T12:46:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=48244"},"modified":"2025-09-18T12:46:57","modified_gmt":"2025-09-18T12:46:57","slug":"arca-cio-on-why-cryptos-2025-rally-isnt-a-true-bull-market-and-why-some-tokens-have-outperformed","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=48244","title":{"rendered":"Arca CIO on Why Crypto\u2019s 2025 Rally Isn\u2019t a True Bull Market and Why Some Tokens Have Outperformed"},"content":{"rendered":"
\n

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.<\/p>\n

In an X thread<\/a> posted Tuesday, Jeff Dorman wrote that \u201cmore 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.\u201d <\/p>\n

He added that some of the year\u2019s few gainers have been \u201ccomplete nonsense coins and memecoins that no serious investor would even look at,\u201d citing litecoin (LTC) and bitcoin cash (BCH).<\/p>\n

By contrast, the best-known names have done relatively well. Bitcoin (BTC), ether (ETH), solana (SOL), binance coin (BNB) and XRP are all up between 20% and 40% this year, Dorman said. <\/p>\n

He compared the dynamic to traditional finance, where large caps can rally while smaller stocks slump: \u201cThis is the TradFi equivalent of the DJIA and GameStop having a good year, while small caps are -40%.\u201d<\/p>\n

Dorman argued that this dispersion is ultimately healthy. Broad rallies, he said, breed complacency, while uneven performance forces investors to be more selective. \u201cNothing good comes from an everything rally, because no one learns anything,\u201d he wrote. When weaker projects falter, he added, investors \u201cstart to ask questions like \u2018how are you doing this?\u2019\u201d<\/p>\n

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. \u201cOwn stocks and tokens that actually make money & buy back their own tokens with the profits,\u201d Dorman said. \u201cThe days of throwing darts to make a fortune are over (i.e. Alt Season isn\u2019t a thing).\u201d<\/p>\n

‘FAANG’ of crypto<\/h2>\n

According to Dorman, the tokens and companies that have held up in 2025 generally fall into a few categories. <\/p>\n

Assets connected to exchange-traded funds or digital asset trusts, such as BTC, ETH and SOL, are leading the way. <\/p>\n

Crypto-related equities have also performed well, including Circle, Galaxy Digital, Coinbase and miners like Iris Energy and TeraWulf. <\/p>\n

He also pointed to what he called \u201cU.S. government coins,\u201d namely XRP and Chainlink’s LINK token. <\/p>\n

Finally, Dormann noted that revenue-generating tokens that distribute value back to holders \u2014 among them Hyperliquid’s HYPE, Pump.fun’s PUMP, Maple Finance\u2019s MPL\/SKY \u2014 have stood out as relative winners.<\/p>\n

Earlier this year, Dorman had floated the idea of a crypto equivalent to the \u201cFAANG\u201d stocks. He suggested an acronym called the \u201cBACHELORS\u201d, 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 \u201cBARHEAPs,\u201d incorporating newer projects like PUMP.<\/p>\n

For Dorman, the lesson of 2025 is that crypto\u2019s growth story is more complicated than headline gains might suggest. He argued that calling the year a \u201cbull market\u201d is misleading, since at best it represents a narrow cycle led by a few majors and select revenue-focused projects.<\/p>\n

\u201cThe reason this has been a hard bull market is because it\u2019s barely even a good year for crypto, let alone a bull market,\u201d he wrote.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 \u201cmore than 75% of tokens in our coverage universe are negative year-to-date, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-48244","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/48244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48244"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/48244\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}