Bitcoin closed the year in the negative for the first time in history after the halving.
2025 ended below the start of the year — this had not happened after the halvings of 2012, 2016, or 2020.
The facts speak for themselves:
• halving — April 2024
• historical maximum — $126,000 in October 2025
• end of the year — about −30% from the peak
• annual return 2025: −6%
The market is again breaking historical patterns — and forcing a reassessment of expectations.
