Bitcoin reached multiple new highs in 2025, but when stretched over a decade, an awkward fact emerges: this year's BTC has underperformed gold, U.S. stocks, and even many traditional assets.

Prices are hitting new highs, yet the sentiment is deteriorating, which may be one of the most genuine emotions in the crypto space this year.

When BTC is no longer the default "annual optimal solution," crypto is transitioning from a high-growth asset to a risk asset that is repeatedly compared and strictly priced.

Perhaps this is the real issue the crypto industry needs to face in 2025:

Are we enduring growing pains, or are we bidding farewell to the era of "just participating guarantees returns"?

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