Arca CIO: 2025 Crypto Rally Is Selective, Not a True Bull Market
Jeff Dorman, Chief Investment Officer at Arca, says this year’s crypto rally is narrow, with most tokens still in the red.
In a thread on X, Dorman noted that over 75% of tracked tokens are down YTD, and more than half have dropped 40% or more. Some memecoins have gained, but major cryptocurrencies like Bitcoin (BTC $115,766), Ether (ETH), Solana (SOL $237), Binance Coin (BNB $982), and XRP have outperformed, rising 20–40%.
Dorman likened the trend to traditional markets: “It’s like the DJIA and GameStop performing well while small caps fall 40%.” He emphasized that selective gains are healthy, encouraging investors to focus on projects with real business models. “The days of throwing darts to make a fortune are over—Alt Season isn’t a thing,” he said.
2025 Standouts include BTC, ETH, SOL, revenue-generating tokens like HYPE, PUMP, MPL/SKY, and “U.S. government coins” such as XRP and LINK.
Dorman updated his crypto “FAANG” list to the BARHEAPs, reflecting the most resilient projects. He concluded that 2025 is a narrow cycle led by a few majors, not a broad bull market.
