K33 Research: Bitcoin fundamentals are strong but price performance lags, early holders are dumping en masse.

According to a report from CoinWorld, on December 23, K33 Research released its annual report on the crypto market for 2025, indicating that despite Bitcoin's fundamentals reaching an all-time high, its price performance has lagged behind other major asset classes. The report shows that the U.S. government has established a strategic Bitcoin reserve, and national pension funds in Abu Dhabi and Luxembourg are allocating 1-3% of their funds to invest in Bitcoin, with Harvard University making similar allocations in its substantial endowment fund. Meanwhile, since January 2024, more than 20% of Bitcoin UTXOs that have been held for over two years have been activated, indicating a large-scale sell-off by early holders. Analysts believe this is both a natural profit-taking behavior and a reflection of the response to Bitcoin's gradual integration into the TradFi system. Despite market adjustments, the report maintains a “constructively bullish” outlook 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 looser monetary policy.