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

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CoinDesk

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4.8 • 689 Ratings

🗓️ 6 December 2025

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. 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. Subscribe to the newsletter! [https://newsletter.blockspacemedia.com](https://newsletter.blockspacemedia.com) 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! Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? [email protected]

Transcript

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0:00.0	Was $126,000 really the Bitcoin top?
0:04.4	If that was the bull market, it was really underwhelming.
0:07.6	Who's to blame?
0:08.6	Did AI suck all the air out of the room?
0:10.8	Are stocks really to blame?
0:13.5	Did meme coins actually do that much?
0:16.5	Maybe you need to rethink your entire crypto thesis
0:18.8	because the institutions are here,
0:20.5	and it's
0:21.3	going to get a little less exciting.
0:29.4	I was promised a golden bull run, Charlie.
0:33.8	That I was...
0:34.9	That's a golden calf and you're worshipping it
0:37.5	colin you've created an idol
0:39.3	listen i was promised a golden bull run
0:42.5	i was promised generational wealth
0:45.1	i was promised a citadel
0:48.1	overlooking the new digital surf class
0:52.6	exactly we are going to build a golden
0:54.9	citadel over Davos and take over and create a new Davos of just
0:59.0	vetted Puritan bitcoins, the who can look and sit and read the feet of
1:05.7	Mises resurrected all day. Exactly. And we're so wealthy that Klaus Schwab is
	...

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