Guess there’s no Lambo this year. Bitcoin didn’t reach $200K in 2025 for 2 major reasons 👇 1. Bitcoin’s market structure changed. ETFs, futures, and derivatives created massive “paper Bitcoin” supply, making leverage and liquidations drive price action instead of simple supply vs demand. Liquidity rotated elsewhere. 2. Unlike previous cycles, Gold and Silver rallied hard this time, pulling capital away from crypto and reducing upside momentum for BTC. Less liquidity more leverage = Bitcoin stru