Crypto is officially the worst-performing major asset class since January 2025.

Silver: +107%
Copper: +66%
Gold: +60%
Nasdaq: +38%
Russell 2000: +31%

Meanwhile:

Bitcoin: -35%
ETH: -47%
Altcoins: -57%

That gap is brutal.

But it also creates the biggest question in the market: is crypto broken, or simply being priced for a recovery nobody believes in yet?

The most hated asset class could become the most interesting trade if sentiment turns.