Bitcoin’s price action in 2025 pointed to a market shaped less by speculative and impulsive excess and more by macro forces.

The bitcoin price traded through a wide range last year. According to Bitcoin Magazine Pro data, bitcoin rallied above $126,000 during mid-to-late-year advances fueled by ETF inflows and optimism around U.S. regulatory clarity. Those highs did not hold.

By the fourth quarter, tighter financial conditions and elevated real yields weighed on risk assets. The bitcoin price slid sharply from its peak and ended the year near $87,000. It is on track for its first full-year decline since 2022.

While the drop from the highs was steep and can feel negative,…

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