Bitcoin's unexpected negative performance in 2025 has been highlighted as the year's biggest surprise, according to the EOY Report. Despite a supportive U.S. administration and favorable legislation, Bitcoin's price declined, challenging expectations. Analysts point to Jordi Visser's 'Silent IPO' theory, suggesting that original holders may have sold to new investors. Other notable events of the year include the largest crypto market crash on October 10, the emergence of Trump and Melania meme coins, Hyperliquid's ascent as the leading decentralized exchange, and a resurgence in privacy coins like Zcash.