# State of Bitcoin (Q4 2025)

NYDIG

November 10, 2025

Video

PDF

Download the full letter to print or read anytime

[Download](https://www.nydig.com/research/nydig-state-of-bitcoin#)

PDF

Download the full letter to print or read anytime

[Download](https://40697226.fs1.hubspotusercontent-na1.net/hubfs/40697226/Stone%20Ridge%202025%20Investor%20Letter.pdf)

NYDIG Webinar from Stone Ridge Asset Management on Vimeo

Playing in picture-in-picture

CC/subtitles

Settings

Transcript

Chapters

Picture-in-Picture

Fullscreen

Show controls

QualityAuto

SpeedNormal

CC/subtitlesOff

## Key Moments from the Webinar:

**00:46 – Macro & Bitcoin Performance** Greg Cipolaro breaks down bitcoin’s year-to-date performance versus equities, gold, and other asset classes—and what’s really driving returns

**02:30 – Trading Desk Insights** Pete Janney discusses client sentiment, market positioning, and the implications of recent liquidations

**05:13 – Are Bitcoin’s Four-Year Cycles Ending?** Greg examines whether bitcoin’s historic boom-and-bust cycles are giving way to a new era of steady institutional growth

**09:18 – Inside the $19B Liquidation Event** Pete explains October’s massive deleveraging—what triggered it, how it unfolded, and what it revealed about market structure and risk

**13:48 – DeFi’s Role and Counterparty Risks** Greg analyzes how decentralized exchanges amplified the volatility and what this means for institutional participation

**16:55 – Regulatory Landscape Update** Ben Lawsky provides updates on the Genius Act implementation, progress on the Clarity Act, and what to expect from regulators in 2026

**22:15 – Coordination Between the SEC & CFTC** A look at leadership changes, improved inter-agency cooperation, and how the Trump administration’s stance is reshaping oversight

**25:10 – Traditional Banks Enter the Bitcoin Market** Pete highlights major announcements from JPMorgan, Citi, State Street, and U.S. Bank—and what they signal for mainstream adoption

**30:18 – Bitcoin Treasury Companies & Market Valuations** Greg and Pete assess how public companies holding bitcoin are performing and how new financial products are changing their strategies

**34:33 – Looking Ahead: Key Themes for 2026** Each panelist shares what they’re watching next—from market structure and regulation to institutional adoption and Bitcoin’s long-term trajectory

Our latest webinar captures a turning point for the bitcoin landscape. As markets reset and institutions accelerate their push into bitcoin, NYDIG’s experts—Greg Cipolaro, Ben Lawsky, and Pete Janney—break down the forces reshaping sentiment, regulation, and market structure. It’s a clear-eyed look at what’s driving the next phase of bitcoin’s institutional era.