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Bitcoin Price Dips, But Institutional Support and Treasury Strategies Keep Confidence High
Bitcoin’s (BTC) market fundamentals remain robust in 2025, even as the cryptocurrency’s price and investor sentiment have declined toward the end of the year, according to Strategy CEO Phong Le. Speaking on the “Coin Stories” podcast, Le emphasized that long-term fundamentals outweigh short-term price fluctuations, and that investors should focus on methodical and data-driven strategies rather than reacting to temporary market movements.
Bitcoin Price Decline and Sentiment Shift
Bitcoin reached an all-time high of $125,100 on October 5, but has since fallen nearly 30%, trading at $87,687 at the time of publication, according to CoinMarketCap. Investor sentiment, measured by the Crypto Fear & Greed Index, has signaled “Extreme Fear” since December 12.
Le acknowledged the unpredictability of Bitcoin’s price, noting, “Bitcoin’s price does what it does” and emphasized the importance of focusing on long-term value rather than short-term swings.
Focus on mNAV and Treasury Strategies
Phong Le highlighted the importance of methodical and mathematical approaches to short-term price movements. He pointed to Strategy’s mNAV (market value relative to its Bitcoin holdings) as a key metric for investors. Currently, mNAV stands at 0.93, down from above 1 earlier in the year. Strategy (MSTR) holds 671,268 Bitcoin, valued at approximately $58.63 billion.
Le explained that their approach involves carefully managing both Bitcoin treasury and U.S. dollar treasury holdings, emphasizing structured asset allocation to weather volatility.
U.S. Government Support Adds Confidence
Looking at macro fundamentals, Le noted unprecedented support from U.S. government institutions, calling it “fully supportive of Bitcoin like it’s never been before.”
He also mentioned that Strategy’s executive chairman, Michael Saylor, has been meeting with traditional banks in the U.S. and UAE, where institutions are exploring ways to integrate and catch up with the cryptocurrency ecosystem.
Le added, “If you think about what’s happening with traditional powers of the world—the U.S. government, the U.S. banking system—they are all getting on board with Bitcoin. That’s extremely bullish for this year and 2026.”
Strategic Bitcoin Reserve on the Horizon?
While a formal strategic plan has yet to be confirmed, the U.S. government has taken steps toward broader Bitcoin adoption. Earlier in 2025, President Trump signed an executive order establishing the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile, though some analysts had anticipated the official reserve announcement this year.
Galaxy Digital’s head of research, Alex Thorn, had noted in September, “There’s a strong chance the U.S. government will announce this year that it has formed the strategic Bitcoin reserve.”
Such developments indicate growing recognition of Bitcoin’s role in national financial strategy, further reinforcing long-term investor confidence.
Despite end-of-year price declines, Bitcoin’s underlying market fundamentals—government support, strategic reserves, and structured treasury management—remain strong, according to Phong Le. He advises investors to remain methodical, focused on long-term strategies, and aware of institutional developments, rather than being swayed by short-term market noise.
As 2026 approaches, the combination of institutional adoption, government involvement, and ongoing treasury management strategies suggests that Bitcoin continues to solidify its position as a durable, long-term store of value.
