Arca CIO Says 2025 Crypto Rally Is Narrow, Not a True Bull Market
Jeff Dorman, Chief Investment Officer at Arca, says the 2025 crypto rally is far from a broad-based bull market, with most tokens still deeply in the red.
In a thread on X, Dorman noted that over 75% of tokens in Arca’s coverage universe are down year-to-date, and more than half have fallen 40% or more. Some of the few winners, he added, are “memecoins and nonsense tokens,” while major cryptocurrencies such as Bitcoin (BTC $115,766), Ether (ETH), Solana (SOL $237), Binance Coin (BNB $982), and XRP have gained between 20% and 40%.
He compared the situation to traditional finance: “This is like the DJIA and GameStop performing well while small-cap stocks drop 40%.” Dorman argued that this selective performance is healthy, forcing investors to focus on projects with real business models. “The days of throwing darts to make a fortune are over—Alt Season isn’t a thing,” he wrote.
Top Performers in 2025
Dorman highlighted categories of winners:
- Large-cap and ETF/trust-backed tokens: BTC, ETH, SOL
- Crypto-related equities: Circle, Galaxy Digital, Coinbase, miners like Iris Energy and TeraWulf
- “U.S. government coins”: XRP, Chainlink (LINK)
- Revenue-generating tokens distributing value to holders: Hyperliquid (HYPE), Pump.fun (PUMP), Maple Finance (MPL/SKY)
Earlier this year, Dorman suggested a crypto “FAANG” equivalent, originally called the BACHELORS and now updated to the BARHEAPs, adding projects like PUMP.
For Dorman, 2025 underscores that crypto’s growth story is narrow and selective. Calling it a bull market is misleading—it’s a cycle led by a few major tokens and revenue-focused projects.
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