For more than a decade, Bitcoin has moved in cycles. Each cycle has followed a familiar rhythm: a period of acceleration, a euphoric peak, a painful correction, and a slow recovery that leads into the next run. But hidden inside this rhythm is a quieter, more revealing pattern. With every new cycle, Bitcoin rises less sharply than before. This is the phenomenon known as diminishing returns. It doesn’t mean Bitcoin is dying. It doesn’t mean the technology is losing relevance. It simply reflect...

For more than a decade, Bitcoin has moved in cycles. Each cycle has followed a familiar rhythm: a period of acceleration, a euphoric peak, a painful correction, and a slow recovery that leads into the next run. But hidden inside this rhythm is a quieter, more revealing pattern. With every new cycle, Bitcoin rises less sharply than before. This is the phenomenon known as diminishing returns. It doesn’t mean Bitcoin is dying. It doesn’t mean the technology is losing relevance. It simply reflect...