Lyn Alden, speaking on the What Bitcoin Did podcast, analyzed Bitcoin's stagnant performance in 2025 compared to gold's surge. She identified tighter liquidity, capital diversion to AI, and the fading of bullish narratives like U.S. government adoption as key factors. Despite the stagnation, Alden clarified that Bitcoin is not crashing but experiencing a shift in market sentiment, with long-term holders selling. Alden also highlighted macroeconomic conditions, such as the end of quantitative tightening, which could potentially support Bitcoin's recovery in 2026. Her insights suggest that while Bitcoin faces challenges, future economic shifts may provide a more favorable environment for its growth.