The $25 billion Bitcoin bet is unraveling as a wave of doubt engulfs its biggest buyers. After a tumultuous October, the digital currency’s recovery has been a halting, choppy journey, struggling to break free from a $330 billion hole. What’s more, the powerful tailwind that fueled its ascent in 2025 – institutional conviction – seems to have faded. But here’s where it gets controversial: while some attribute this to buyer fatigue, others argue that the real issue lies in the lack of a compelling use case for Bitcoin. This uncertainty has left many investors questioning their initial enthusiasm, and the market is now in a state of flux. So, what does this mean for the future of Bitcoin? Will it continue its struggle or find a new path forward? And this is the part most people miss: the true test of Bitcoin’s resilience may lie in the hands of its biggest buyers. Will they stick to their guns or jump ship? The answer could be the key to unlocking Bitcoin’s next chapter.