The asset once expected to “go to the moon” is struggling to keep pace with Treasuries. Bitcoin has fallen nearly 30% from its 2025 peak, lagging behind everything from tech stocks to T-bills.

Once promoted as a high-growth play, an inflation hedge, and a portfolio diversifier, the world’s largest cryptocurrency now faces the prospect of ending the year in the red — without fulfilling any of those roles.

The asset once expected to “go to the moon” is struggling to keep pace with Treasuries. Bitcoin has fallen nearly 30% from its 2025 peak, lagging behind everything from tech stocks to T-bills.

Once promoted as a high-growth play, an inflation hedge, and a portfolio diversifier, the world’s largest cryptocurrency now faces the prospect of ending the year in the red — without fulfilling any of those roles.