Inside Arca: CIO on Why the 2025 Crypto Surge Isn’t a Full Bull Market and Why Certain Tokens Shine

Arca CIO Says 2025 Crypto Rally Is Narrow, Not a Broad Bull Market

Jeff Dorman, Chief Investment Officer at Arca, says 2025’s crypto rally is more selective than broad, with most digital assets still deep in the red.

In a thread on X, Dorman highlighted that over 75% of tokens tracked by Arca are down year-to-date, and more than half have fallen 40% or more. While some memecoins and novelty tokens posted gains, major cryptocurrencies like Bitcoin (BTC $115,766), Ether (ETH), Solana (SOL $237), Binance Coin (BNB $982), and XRP have outperformed, rising 20–40%.

Dorman compared the trend to traditional markets: “It’s like the DJIA and GameStop having a good year while small caps are down 40%.” He argued that such selective gains are 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 added.

Leading Performers in 2025

• Large-cap and ETF/trust-backed tokens: BTC, ETH, SOL
• Crypto-related equities: Circle, Galaxy Digital, Coinbase, Iris Energy, TeraWulf
• “U.S. government coins”: XRP, Chainlink (LINK)
• Revenue-generating tokens: Hyperliquid (HYPE), Pump.fun (PUMP), Maple Finance (MPL/SKY)

Dorman also updated his crypto “FAANG” concept to the BARHEAPs, adding newer projects like PUMP.

He concluded that 2025 is a narrow, selective cycle, led by major tokens and revenue-generating projects, rather than a true bull market.