CoinDesk Podcast Network BITCOIN SEASON 2: Why The 2025 Bitcoin Bull Run Failed Us
Dec 6, 2025
The discussion centers on the surprising underperformance of the 2025 Bitcoin peak at $126k. Hosts analyze how Bitcoin's ROI parallels that of traditional assets like Gold and the S&P 500. They also dissect the shift from DeFi to TradFi, highlighting institutional revenues overtaking decentralized finance. Meltem Demirors' critique of Proof of Stake and its implications for Ethereum sparks debate. The conversation delves into how institutionalization has made the crypto landscape feel more stable and, paradoxically, less exciting.
AI Snips
Chapters
Transcript
Episode notes
Bitcoin Reclaims Center Stage
- Bitcoin dominated the 2025 cycle while most altcoins and DeFi underperformed, leaving many crypto holders disappointed.
- Charlie Spears and Colin Harper argue this catapults Bitcoin back to being the primary market story rather than broad crypto innovation.
Bitcoin’s Returns Match Traditional Assets
- Bitcoin's four-year annualized return was about 12%, nearly identical to gold and the S&P 500 at ~10%.
- Charlie warns this blunts the narrative that Bitcoin consistently outperforms traditional liquid assets over medium horizons.
TradFi Is Matching DeFi Revenue
- Institutional products like ETFs and stablecoins are generating TradFi-level revenues similar to DeFi's.
- Charlie suggests TradFi revenue appears more sustainable and could outcompete speculative DeFi income going forward.