Bitcoin breaks post halving cycle. Source: AP Photo/Mark Lennihan. Key Takeaways Bitcoin closed 2025 as the first negative post-halving year ever. Institutional dominance and macro factors muted the halving impact in 2025. 4-year cycle evolving, not dead; expect longer, less volatile patterns ahead. Bitcoin (BTC) closed 2025 with a negative yearly return for the first time in a post-halving year, marking a significant deviation from historical patterns. This development has sparked widespread debate ...