Bitcoin's post-halving year (2025) closed in red for the first time, breaking a 14-year pattern. Previously: Halving year closed greenNext year was strongerFollowed by a cycle top and bear market This time is different: 2024 (halving year) closed strong2025 closed in red
Why? Bitcoin's drivers have changed:Less halving supply shock impactMore influence from liquidity, interest rates, institutions, and business cyclesHalving impact is smaller (e.g., 2012: thousands of BTC reduced; 2024: a few hundred)Bitcoin may be shifting to a liquidity-driven cycle, indicating maturation rather than a broken cycle. 🤔📉$BTC