Although Bitcoin’s price and market sentiment weakened toward year-end, company leadership says the asset’s core fundamentals remained exceptionally strong throughout 2025.
As the year draws to a close, cautious market sentiment contrasts with long-term optimism on the institutional side. Phong Le, speaking on the Coin Stories, said short-term price movements do not undermine the broader picture. According to Le, 2025 marked one of the strongest periods in Bitcoin’s history in terms of underlying fundamentals.
Bitcoin reached an all-time high of $125,100 on October 5 before pulling back by nearly 30 percent. At the time of the interview, prices were hovering around the $87,000 level while overall market sentiment remained in extreme fear. Le acknowledged that short-term price action can be difficult to rationalize, stressing that long-term perspective matters most for investors.
From a corporate standpoint, balance sheet metrics remain central. Le highlighted the importance of the mNAV ratio, which compares market capitalization to the value of Bitcoin holdings. He also pointed to a more supportive stance from U.S. policymakers and noted that both he and Chairman Michael Saylor are in active discussions with traditional financial institutions. In his view, these developments signal that institutional adoption continues to strengthen despite short-term volatility.
