The digital age is undergoing a painful metamorphosis. The cryptocurrency bubble of 2025, which reached a historic high of $126,000 for Bitcoin, has collapsed under the weight of regulatory uncertainty and massive outflows of institutional capital. Bitcoin ends the year with a loss of 7%, while the weekly outflow from cryptocurrency ETFs is measured in hundreds of millions of dollars. Miners are capitulating, hash rates are falling, and equipment prices are plummeting following the hash price, which has dropped below the break-even point. It seemed that the era of universal digital gold had ended. But is that really the case?