A crypto analyst recently shared an interesting perspective on Bitcoin's 2025 performance through an essay titled "Frowny Cloud."

Here's the core takeaway: While Bitcoin ranked as the worst-performing asset class this year, drawing fire from mainstream finance circles and precious metals enthusiasts, there's a nuance worth considering. Bitcoin has actually stayed true to its fundamental design—it moved downward in lockstep with the US dollar's depreciation. This correlation tells you something important: Bitcoin continues functioning as designed, regardless of sentiment from traditional markets. The criticism overlooks that correlation itself proves the network isn't broken; it's doing exactly what it's supposed to do in the broader macro picture.