According to @EricBalchunas, bitcoin’s 2025 drawdown primarily reflects giving back last year’s extreme excess after a +122% rise and roughly 5x outperformance versus other assets, indicating normalization rather than structural weakness, source: Eric Balchunas on X, Dec 6, 2025. He adds that even if 2025 finishes flat or modestly down, BTC would still be near its approximately 50% long-run annual average, framing current price action as a healthy cool-off and cautioning against overanalysis, source: Eric Balchunas on X, Dec 6, 2025.