HÀ NỘI — The year 2025 marked a critical turning point for the digital asset market, as record-breaking price levels were followed by a sharp loss of investor confidence.

Bitcoin surged to an all-time high of US$126,000 for the first time in history, fuelling expectations of a new growth cycle. However, a drop of nearly 30 per cent shortly afterwards quickly reversed market sentiment, pushing the sector into a prolonged defensive phase.

According to the Vietnam Crypto Market Report 2025, jointly released by Kyros Ventures, Coin68 and BingX, 54.6 per cent of Vietnamese investors recorded losses over the year. The figure highlights the growing risk of the market and exposes structural weaknesses in the investment behaviour of many individual participants.

Young investors were the most heavily affected. The survey shows that 88 per cent of crypto investors in Việt Nam are under the age of 35, up 11 percentage points from 2024. Most have two to three years of market experience, enough to have lived through at least one major boom-and-bust cycle. Despite this, they suffered the greatest losses in 2025.

Many young investors entered the market after prices had already surged, driven by fear of missing out or by following friends and online communities, often without clear risk management strategies.

In numerous cases, more than half of their portfolios were allocated to crypto assets, leaving them highly exposed when prices reversed.

By contrast, more cautious investors who allocated less than 25 per cent of their portfolios to digital assets recorded significantly better results. This underscores that in a highly volatile market such as crypto, disciplined capital allocation can be as important as selecting the right assets.

Market sentiment in 2025 shifted sharply towards caution. The proportion of investors expecting Bitcoin to continue rising fell from 74.1 per cent in 2024 to 50.4 per cent, while scepticism about a potential 'altcoin spring' in 2026 increased markedly. This shift coincided with Bitcoin’s fall from $126,000 to around $80,600, wiping out profits for most retail investors.

Despite widespread losses, 2025 also marked a period of market cleansing. As Việt Nam moves closer to a clearer legal framework for digital assets, discipline and prudence are emerging as decisive factors, potentially laying the groundwork for a more mature investor base in the next cycle. — VNS