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

ChainCatcher news, K33 Research released the 2025 annual report on the crypto market, pointing out that although the fundamentals of Bitcoin have reached a historic high, its price performance is not on par with other major asset classes. The report shows that the U.S. government has established a strategic Bitcoin reserve, with national pension funds in Abu Dhabi and Luxembourg allocating 1-3% of their funds to invest in Bitcoin, and Harvard University making 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 taking profits and a response to Bitcoin's gradual integration into the TradFi system. Despite the market undergoing adjustments, the report holds a “constructive bullish” view for 2026, suggesting that the divergence between current prices and fundamentals creates investment opportunities, especially in the context of a new U.S. government potentially adopting a more accommodative monetary policy.