2025 Market Review: Liquidity, Risk and the Reality of Crypto Cycles
Xris Diserens
Chief Wealth Officer
2025 did not play out the way most market participants expected. The long anticipated altseason failed to materialise, and repeated macro shocks reshaped risk appetite across both traditional and digital markets. While Bitcoin proved resilient, many high beta segments struggled, exposing the gap between narrative expectations and market reality, and testing both passive and active strategies.
The purpose of this report is straightforward: to provide a clear, transparent review of how SwissBorg investment products performed in 2025, and to put those results into perspective using relevant benchmarks. We cover thematics, managed portfolios, listings, trading vaults, signals, Alpha deals, and Earn products, highlighting where strategies added value, where they lagged, and the structural reasons behind those outcomes. This year in review is designed to help users understand how products behaved in a difficult environment, how they compared to their benchmarks, and what lessons can be drawn from 2025 before looking ahead.
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