Why bitcoin is down 'just' 32% a year after its record high of $126,000
In this news:
Key takeaways
- Bitcoin is down just 32% a year after reaching a record high of $126,000.
- Past bear markets saw one-year drops ranging from 69.7% to 82.3%.
- The deepest point of the current downturn arrived earlier and recovered faster than previous cycles.
Comparing current bitcoin drawdowns
Yes, you read that right. A year after hitting a record high above $126,000 on Oct. 6, 2025, bitcoin is down just 32%, at $85,453.
In traditional markets, a drop that size would count as a crash. For bitcoin, that's a far gentler slide than in past bear markets.
Exactly a year after the 2013 peak, bitcoin was down 69.7%. Similarly, it was down 82.3% following the December 2017 top. A year after the November 2021 high, it was down 74.6%, according to CoinDesk calculations.
Milder bear market behavior
This shallower decline isn’t limited to the one-year anniversary. The bear market itself has been milder. At its lowest, just below $59,000 on June 30, bitcoin was down more than 53% from its peak. Past bear markets saw prices plummet 77% to 85% from record highs.
Essentially, two things have changed. The bear market has been shallower, and its worst point arrived earlier. In previous cycles, the trough often came around the one-year mark or later; this time, it came after about nine months, and the subsequent recovery has been fast.
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