In 2025, BTC and ETH significantly underperformed traditional financial assets like Robinhood, gold, and even the S&P 500. Zooming out to a 3-year perspective, during this bull market cycle, BTC did outperform gold and the S&P 500, but the real standouts were Robinhood and Coinbase, the two crypto exchanges. So, if you're optimistic about the crypto industry, focusing on related publicly listed crypto companies could be a good idea—simpler and more effective.