Arca CIO Says Crypto Isn’t in a Bull Market and Explains Why Some Tokens Outperformed
The chief investment officer of digital asset manager Arca is challenging the idea that 2025 represents a broad-based crypto bull market, arguing that only a handful of large-cap tokens are carrying the industry.
In an X thread posted Tuesday, Jeff Dorman wrote that “more than 75% of tokens in our coverage universe are negative year-to-date, and more than 50% of tokens are down 40% or more YTD.”
He added that some of the year’s few gainers have been “complete nonsense coins and memecoins that no serious investor would even look at,” citing litecoin and bitcoin cash .
By contrast, the best-known names have done relatively well. Bitcoin , ether (ETH), solana , binance coin ,…
