BITCOIN SEASON 2: Why The 2025 Bitcoin Bull Run Failed Us

Was the 2025 Bitcoin top a failure? We analyze why $126k felt underwhelming, compare BTC returns against Gold and the S&P 500, and discuss Meltem Demirors’ thesis on why TradFi is beating DeFi. Plus, why institutional adoption might be making crypto boring.

Dec 5, 2025

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Today, we unpack the "underwhelming" 2025 bull market. Was $126k really the top? We dive into the data showing Bitcoin's 4-year ROI is virtually indistinguishable from the S&P 500 and Gold. We also break down Meltem Demirors’ viral thread on why "Proof of Stake was a mistake", how TradFi revenue has officially flipped DeFi, and why the meme coin supercycle left retail investors empty-handed.

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Notes:

* BTC 4yr ROI: 12% vs Gold 10%

* TradFi Rev $9.1B vs DeFi $9B

* BTC Range: $70k-$100k for 2 yrs

* '21 Inflation Adj Peak: $84k

* BTC Down 2.6% in 12 Months

* 2025 Bitcoin Top: $126k

Timestamps:

00:00 Start

02:02 Have you seen my bull run?

10:05 Meltem's Thread

16:26 Maker DAO

24:37 Proof of Mistake

👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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