2025-12-25 08:26:14

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PANews

2025-12-24 23:01:01

Has the four-year cycle of Bitcoin's "Sunset" and altcoins' "Doomsday" truly come to an end?

Old Script Invalid in 2025

2025 is coming to an end, but the crypto market is showing an unprecedented "split" scene: Bitcoin (BTC), driven by institutional funds, repeatedly hits new highs, reaching as high as $125,000; Ethereum (ETH) struggles around $2,800, still significantly below its all-time high; and the once "rising tide lifts all boats" altcoins have fallen into a deep abyss, with most projects plunging 80-95% from their 2021 peaks, unable to recover even amid BTC's new highs.

This completely deviates from the classic narrative of the past decade in the crypto market. The traditional "four-year cycle" script—"BTC first rises → ETH catches up → Altcoins rotate and surge"—seems to have completely failed in 2025. The familiar "carving a boat to seek a sword" strategy among veteran players has now become a joke of "carving a boat to seek fish."

Meanwhile, Grayscale, Coi

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