K33 Research: Bitcoin fundamentals are strong but price performance lags, early holders are selling off in large volumes

K33 Research released the 2025 Annual Report on the Cryptocurrency Market, indicating that despite Bitcoin's fundamentals reaching an all-time high, its price performance lags behind other major asset classes.

The report shows that the U.S. government has established a strategic Bitcoin reserve, while national pension funds in Abu Dhabi and Luxembourg allocate 1-3% of their funds to invest in Bitcoin. Harvard University has also made similar allocations in its substantial endowment fund. Meanwhile, since January 2024, over 20% of Bitcoin UTXOs that are more than two years old have been activated, indicating a large-scale sell-off by early holders. Analysts believe this is both a natural behavior of profit-taking and a reflection of the response to Bitcoin's gradual integration into the traditional financial system. Despite market adjustments, the report holds a "constructively bullish" view for 2026, suggesting that the current price divergence from fundamentals creates investment opportunities, especially in the context of a new U.S. government potentially adopting a more accommodative monetary policy.