Why The 2025 Bitcoin Bull Run Failed Us

December 6, 2025

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.

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

–

👋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? hello@blockspace.media

Related Episodes

Our Bitcoin Predictions For 2026

Charlie and Colin drop their 6 major predictions for 2026. From a silver supply shock and Bitcoin hash rate stagnation to the rise of prediction markets and AI data center delays. Find out why big banks are entering Bitcoin lending and why the internet is about to get fake.

Jan 03, 2026

Our Top Bitcoin Stories From 2025

The Blockspace Boys count down the best and favorite Bitcoin stories of 2025, from ICE raids in Texas and Operation Chokepoint 2.0 to the explosive pivot to AI and the mystery of the $8B OG whale wallet.

Dec 23, 2025

Quantum’s $100 Billion Threat To Bitcoin

Charlie and Colin dive into the quantum computing debate. Is it a threat to Bitcoin or just VC hype? We explore vulnerable addresses, Nick Carter's thesis, the 2028 timeline, and the controversial plan to "burn" Satoshi's coins to save the network from a $100B hack.

Dec 20, 2025