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#GateCEO2025YearEndOpenLetter 1. Institutional Dynamics and Market Participants
The contrast between exchange growth and corporate treasury performance defined the end of 2025.
Major Exchange Growth: One leading exchange reported a massive 2025, processing $34 trillion in volume and hosting over 300 million users. Their 2026 roadmap shifts toward sovereign wealth funds and enterprise-grade utility.
MicroStrategy’s Struggle: Despite aggressive accumulation—now holding 672,497 BTC (valued at ~$59.5B)—MSTR stock suffered six consecutive months of decline. The company faces headwinds from potential index exclusion and the widening gap between its stock valuation and its underlying Bitcoin holdings.
2. Bitcoin Market Performance & Technicals
Bitcoin defied historical seasonal trends in late 2025, leading to a sluggish start for 2026.
The Q4 Deviation