Bitcoin’s market fundamentals have remained strong in 2025 despite price and sentiment declines toward the end of the year, according to Strategy CEO Phong Le.
“The fundamentals of the market this year for Bitcoin couldn’t be better,” Le said on the “Coin Stories” podcast, noting he is not concerned with short-term performance.
Bitcoin (BTC) reached an all-time high of $125,100 on Oct. 5, before declining nearly 30% to $87,687 at the time of publication, CoinMarketCap reported. The Crypto Fear & Greed Index has indicated “extreme fear” since Dec. 12, measuring overall market sentiment.
Le stated that Bitcoin’s price behavior is not always easily explained. “When you’re an investor, you think about the long term of the asset class,” he said.
Le emphasized that short-term price action is often unpredictable, advocating for investors to be methodical and mathematical. “Which is why we focus on things like mNAV, why we built out the Bitcoin treasury and why we built out the US dollar treasury,” he said.
Alongside Bitcoin’s price decline, Strategy’s (MSTR) mNAV, which measures the company’s market value against its Bitcoin holdings, has fallen below 1, trading at 0.93, Saylor Tracker reported. The company holds 671,268 Bitcoin valued at approximately $58.63 billion.
Le cited the US government’s support of Bitcoin as a long-term fundamental factor. Le and Strategy Executive Chairman Michael Saylor have met with traditional banks across the US and UAE, where institutions are seeking to integrate cryptocurrency. “The US government, the US banking system, they are all getting on board with Bitcoin,” Le said.
Le called this development “extremely bullish for this year and 2026.” US President Trump signed an executive order in March establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile, though a formalized strategic plan remains unconfirmed.
Analysts had forecast the reserve’s formation for this year. Alex Thorn, head of firmwide research at Galaxy Digital, said in September there was a “strong chance the US government will announce this year that it has formed the strategic Bitcoin reserve.”
