Coinbase’s Q4 2025 report offers a cautious outlook for the cryptocurrency market despite recent volatility. The report highlights how high leverage and thin order books contributed to the October downturn, which exacerbated concerns about liquidity challenges. Despite price stabilization in late October, macroeconomic uncertainty continues to influence investor sentiment. The report reveals that 67% of surveyed investors remain bullish on Bitcoin in the coming months, with institutional investors exhibiting a more mixed outlook. Some are optimistic about continued bull markets while others hold reservations about long-term business model risks stemming from equity underperformance. Digital asset treasuries play a critical role, accumulating Bitcoin and Ethereum steadily, while businesses continue to grapple with market shifts.