Bitcoin 2025 Q4 Performance Plummets 22% as Santa Rally Fizzles Out

Investors hoping for a holiday miracle got a lump of coal instead. Bitcoin and ether ended December without the expected 'Santa rally,' capping off a brutal quarter that highlights the fragility of the crypto market when liquidity thins and risk appetite vanishes.

Bitcoin 2025 Q4 Performance: The Worst December Since 2018

According to data from CoinGlass, Bitcoin is on track to end December down about 22%, marking its worst monthly performance since December 2018. Ether has faced even steeper losses, ending Q4 2025 down 28.07%. The lack of a year-end burst is significant, as crypto has historically relied on late-year momentum to set the stage for the following year.

The pattern has become painfully familiar in late 2025. Any attempt at a bounce was met by fast profit-taking. U.S. trading hours saw the heaviest selling as institutional funds cleaned up their positions before the new year. Instead of a new leg higher, December looked more like a positioning reset.

The Great Decoupling: Crypto vs. Precious Metals

The contrast with traditional safe havens hasn't been hard to miss. While Bitcoin struggled, gold pushed to fresh records on rate-cut expectations and geopolitical stress. Silver and platinum also hit new highs as investors shifted toward reserve-style hedges.

Despite the 'digital gold' narrative, Bitcoin has traded more like a high-beta asset lately. Even with a macro backdrop pointing toward easier monetary policy, it's been unable to hold gains without a broader appetite for risk. This suggests that investors still view crypto as a speculative play rather than a stable store of value.