Bitcoin market fundamentals remain strong in 2025, despite falling asset prices and year-end sentiment, says Strategy CEO Phong Le.
“The market fundamentals this year for Bitcoin couldn’t be better,” Le told Coin Stories. podcast on Tuesday, noting that he doesn’t care too much about its short-term performance.
Bitcoin (BTC) hit an all-time high of $125,100 on October 5, but has since fallen nearly 30%, trading at $87,687 at press time, according to on CoinMarketCap. Meanwhile, Crypto Fear & Greed Indexwhich measures overall market sentiment, showed “Extreme Fear” as of December 12.
Le admitted that the price of Bitcoin “does what it does” and that it is not always easy to explain.
“When you’re an investor, you’re thinking about a long-term asset class,” he said.
Bitcoiners should be “fairly methodical” about the short-term price
Le emphasized that short-term price movements are often unpredictable and that Bitcoiners should be “quite methodical and mathematical about it.”
“That’s why we’re focused on things like mNAV, why we built a Bitcoin treasury and why we built a US dollar treasury,” he said.
With the price of Bitcoin falling, Strategy’s ( MSTR ) mNAV, the company’s market value compared to the value of its Bitcoin holdings, fell below 1, trading at 0.93, according to for Saylor Tracker. The company holds 671,268 Bitcoins worth about $58.63 billion.
Looking at the long-term fundamentals, he pointed out that the US government is “fully supporting Bitcoin like never before”.
TradFi is trying to “figure out” how to catch up
Le said he and Strategy’s executive chairman, Michael Saylor, have been meeting with traditional banks across the US and the United Arab Emirates, where institutions are trying to figure out how to catch up.
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“If you think about what’s happening with the traditional world powers. The US government, the US banking system, they’re all joining Bitcoin,” Le said.
“It is extremely positive for this year and 2026,” added Le. While US President Trump signed an executive order formally establishing the Strategic Bitcoin Reserve and the US Digital Asset Stockpile in March, a formalized strategic plan has yet to be confirmed.
Some analysts predicted that it would come true this year.
Galaxy Digital’s head of research, Alex Thorn, said in September that “there is a good chance that the US government will announce this year that it has formed a strategic Bitcoin reserve.”
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