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NEW
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20 USDT
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🕯 The four-year BTC cycle is officially broken
Bitcoin has for the first time in history closed a year after the halving in the red. 2025 ended below the start of the year, something that hadn't happened before after 2012, 2016, or 2020.
Facts:
• Halving occurred in April 2024
• ATH $126k in October 2025
• End of the year ≈ −30% from the peak
• Annual return for 2025: −6%
Why is this happening:
• The market has become more institutionalized
• ETFs, corporations, and funds are trading outside the “halving calendar”
• BTC is increasingly dependent on macro factors: interest rates, liquidity, politics
• Behavior is increasingly similar to gold after its recognition by states