Bitcoin Closes Out 2025 Below $90,000 Despite Increasing Institutional Adoption in the U.S.

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• Bitcoin closed out the year under the $90,000 mark.
• PNC Bank becomes the first U.S. bank to offer spot Bitcoin trading to customers. 
• Vanguard now allows Bitcoin ETPs on its online brokerage platform.
• Bitcoin (BTC) closed the month 3.9% lower, while Ether (ETH) is down 1.3% versus last month.*

Market Overview - December 

The price of Bitcoin (BTC) decreased by 3.9% in December, closing the month at approximately $87,750*. 

This came after a strong start to the month, when, ahead of the Fed rate cut announcement, Bitcoin rose by over 6%. This followed Vanguard's announcement that its over 50 million customers can now invest in Bitcoin ETPs through its platform. 

However, once December 10 rolled along, Bitcoin investors were eagerly awaiting the decision of Fed Chairman Jerome Powell. For the third time in 2025, the Federal Reserve has cut its interest rates by 25 basis points. 

Before the announcement, Bitcoin was rising in price, reaching a monthly high of $94,260, but the enthusiasm didn’t last long, and Bitcoin spent the remainder of the month in a downward trend. At one point, BTC dropped to $84,100, but recovered and closed out the year around the $88,000 mark.  

Crypto Asset Market Performance Review 

December was generally a down month for the crypto asset market, with several leading coins down by 10% or more. This time, a Federal Reserve rate cut, which often prompts a positive price reaction, wasn’t enough to keep the market in the green in the final month of the year. 

‍*Closing price data is from December 30, 2025, at 12:00 CET

Bitcoin (BTC) finished the month down 3.9%, while Ether (ETH) dropped by 1.3%. Other popular crypto assets saw even larger corrections. Cardano (ADA), Ripple (XRP), and Solana (SOL) ended the month in the red, with declines of 16%, 15.3%, and 9.3%, respectively. 

Two large-cap crypto assets that increased in price this month were Tron (TRX) and Bitcoin Cash (BCH), rising by 1.6% and 7.7%, respectively. Bitcoin Cash, in particular, recovered from a red November and outperformed several major crypto assets. 

Institutional Interest in Bitcoin

In December, PNC Bank became the first major U.S. bank to offer spot Bitcoin trading for customers. Meanwhile, Vanguard enabled customers to buy shares in spot Bitcoin ETFs.

PNC Becomes First U.S. Bank to Offer Spot Bitcoin Trading

PNC Bank worked closely with Coinbase to build a product for its private banking clients to use and trade spot Bitcoin. Going forward, eligible customers will be able to trade Bitcoin like any other asset in their online account. 

This is a fundamental moment for Bitcoin and U.S. banks, as PNC customers no longer have to rely on third-party exchanges for execution. Both Coinbase and PNC said the pilot's initial success was a big boost, and the partnership will be further strengthened with updates to the existing product. 

Vanguard Allows Bitcoin ETFs on Its Platform

Since the launch of spot Bitcoin ETFs, Vanguard and its management have been vocally opposed to allowing Bitcoin investment products on its platform. The former CEO stated that the volatility and risk aren’t worth taking. 

However, over a year later, with significant demand from Vanguard customers to invest in crypto ETFs, the company had to react. From December 2 onward, Vanguard customers could buy shares and invest in Bitcoin exposure. 

The day the news broke, Bitcoin also saw a surge in price, rising by over 6% to $92,500.

Bitcoin on Balance Sheets

Strategy, the largest publicly traded holder of Bitcoin, continued its efforts to buy Bitcoin as a strategic reserve asset. In December, the company purchased 22,627 BTC, bringing its total balance sheet holdings to 672,497 BTC.

Metaplanet, a publicly traded Japanese company, announced in November that it executed a $130 million loan collateralized by its Bitcoin holdings. In December, the company purchased 4,279 BTC. Metaplanet currently holds 35,102 BTC on its balance sheet. 

Bitdeer Technologies Group, a publicly traded miner in Singapore, sold some of its Bitcoin holdings in November. However, this month they followed up by buying BTC again. In total, the company bought 62,1 BTC and currently holds 1,998 BTC. 

Cango Inc., a U.S.-listed company headquartered in China, is one of the latest companies to acquire Bitcoin in December. In total, the leading automotive transaction service provider acquired 516,9 BTC and currently holds 7,419 BTC on its balance sheet. 

‍*Closing price data is from December 30th 2025, at 12:00 CET

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