While Bitcoin soared past the $100,000 mark following the 2024 US elections, debate rages about whether 2025 truly qualifies as a bull market or merely disguises underlying weakness. Critics point to price gains driven largely by a weakening USD rather than absolute Bitcoin appreciation.
Yeah, the numbers look good on paper. But dig deeper and the picture gets murky.
The traditional 4-year Bitcoin cycle suggests we should be bullish right now. New all-time highs? Check. But Bitcoin’s Q3 performance tells a different story—a measly 6% gain while Ethereum jumped 65%, Chainlink 58%, and Solana 32%. Not exactly the king of crypto when it comes to returns.
Still, since the 2024 election, Bitcoin’s 47.6% rise has outpaced major US equities. Despite Bitcoin’s modest performance, many analysts maintain bullish sentiment on its long-term trajectory, with projections exceeding $1 million within a decade. The entire crypto market hit $3.5 trillion by January 2025. Not too shabby.
Ethereum and various altcoins stole the show with stronger relative returns, making Bitcoin look like the conservative uncle at a wild party. Falling interest rates across major economies created a risk-on environment that particularly benefited these higher-volatility assets.
The regulatory landscape shifted dramatically. The GENIUS Act established stablecoin frameworks, and crypto-friendly figures at the SEC and CFTC under President Trump’s administration changed the game. Investors increasingly adopted dollar-cost averaging strategies to mitigate the persistent volatility risks while maintaining exposure.
Spot bitcoin ETPs in the US and Hong Kong raked in $34.6 billion by late 2024. Money talks.
Stablecoins hit their stride, surpassing $275 billion AUM in Q3 2025. They now settle more transaction value than Visa. Let that sink in.
Tokenization, especially on Ethereum Layer 2 networks, grew 18% quarter-over-quarter. This isn’t just about Bitcoin anymore.
Nearly 300 pro-crypto candidates won seats across both US houses. The political winds have shifted.
But questions linger—is this a true bull run or just a clever bear in disguise? Retail investors remain vital to sustaining momentum.
The market isn’t crashing, but it’s definitely catching its breath. Bitcoin’s showing resilience, not dominance.
The bull is still running, just at a more measured pace. Sometimes slower is smarter.
