Gold and silver won 2025

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It‘s been a slow week with Christmas, and traditional markets were closed yesterday. BTC slipped slightly (-0.4%) on muted volumes across the board, reflecting the broader holiday lull. With price action quiet, it’s a good moment to step back, reflect on 2025, and think about 2026 positioning.

Bitcoin has underperformed stock benchmarks this year, but its performance vs. gold and silver is even more striking. In hindsight, those two will likely be remembered as the standout assets of 2025, a surprising outcome if youd predicted it at the start of the year. Gold is having its best year since 1979, up around 72% year to date and recently breaking out to new all-time highs above $4,500 an ounce. Silver has done even better, rallying nearly 160% year to date and about 45% in the past month alone, reaching a record ~$75 an ounce yesterday.

Looking ahead, 2026 could present compelling opportunities in liquid tokens. Many quality DeFi names are trading near multi-year lows, even as fundamentals and forward-looking growth remain strong. Crucially, value capture has flipped from infrastructure to applications: On Solana, for example, apps now generate roughly 3x the revenue of the network. The key question for investors is whether, and when, valuations will start to reflect this new reality.