Key Takeaways
Bitcoin closed 2025 as the first negative post-halving year ever.
Institutional dominance and macro factors muted the halving impact in 2025.
4-year cycle evolving, not dead; expect longer, less volatile patterns ahead.
Bitcoin (BTC) closed 2025 with a negative yearly return for the first time in a post-halving year, marking a significant deviation from historical patterns.

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