Bitcoin is underperforming in 2025, according to Jurrien Timmer, a global macro strategist at Fidelity International. Timmer describes Bitcoin as the "only loser" due to unclear benefits from treasury holdings and downward pressure on its price. The cryptocurrency's treasury yields, once a positive factor, may now be negative, and its price has fallen below a key uptrend line, indicating weakening momentum. While equities benefit from corporate profits and Federal Reserve easing, Bitcoin struggles amid lower volatility in traditional markets, which has reduced demand for alternative assets like Bitcoin. This shift highlights the challenges Bitcoin faces in maintaining its appeal as a hedge against market fluctuations.