Bitcoin wrapped up 2025 in the red—closing below where it kicked off the year. That's a first for the post-halving cycle, and honestly, it's got people rethinking the whole four-year halving rhythm that's been the playbook for so long. The question mark hanging over the market now is pretty massive: is this cycle actually dead, or just evolving? When a narrative that's held for this long starts cracking, it usually means something fundamental is shifting beneath the surface. Worth keeping an eye on how the market responds to this break in pattern.