Core Viewpoint - Bitcoin is projected to end 2025 in the red, marking only the fourth time in its history that this has occurred, despite favorable policies from the Trump administration for cryptocurrency expansion [1] Group 1: Market Sentiment and Future Outlook - Investors are frustrated with Bitcoin's performance in 2025, but 2026 may present a rebound opportunity for Bitcoin and ETFs like the Coinshares Valkyrie Bitcoin Fund (BRRR) [2] - Some market observers encourage HODLers to retain their Bitcoin holdings, suggesting that the digital currency is still in the early stages of institutional and mainstream adoption [3] Group 2: Institutional and Sovereign Adoption - Experts predict an increase in sovereign buying of Bitcoin in 2026, which could positively impact prices; Phone Le, CEO of Strategy, anticipates more risk-on buying as the mid-term election period approaches [4] - The U.S. and China together hold approximately 520,000 Bitcoin, indicating potential for growth in sovereign ownership as other countries begin to incrementally buy Bitcoin [4] - The Czech National Bank recently purchased $1 million worth of Bitcoin and other cryptocurrencies as part of an experimental portfolio, showcasing growing interest at the sovereign level [4] Group 3: European Market Developments - Coinbase's Head of Institutional, John D'Agostino, indicated that more European countries are likely to consider Bitcoin exposure at the sovereign level [5] - El Salvador, a known Bitcoin adopter, made its largest single-day purchase of Bitcoin in November, further contributing to the potential uplift for BRRR in 2026 [5]