Bitcoin has lost more than $53,000 in value over the past four months, extending a sharp downturn that has erased much of last year’s rally and left investors searching for signs of stability.
Bitcoin peaked near $126,000 in October 2025 and has since fallen to around $73,200, its lowest level this year. The decline has wiped out more than $1.1 trillion from Bitcoin’s market value and pushed it roughly 42% below its all-time high.
The selloff has also dragged down the broader crypto market. Ethereum is down about 56% from its peak, reinforcing concerns that digital assets remain stuck in a prolonged downturn.
Crypto Falls as Stocks Hold Near Records
The contrast with traditional markets has been striking.
U.S. stock indexes remain close to record highs, with the S&P 500 down about 1.5% from its peak, the Nasdaq off roughly 3.6%, and the Russell 2000 lower by around 4.2%. Crypto markets, by comparison, have suffered far deeper losses.
That gap has fueled speculation among some investors about market manipulation or deeper structural problems in crypto.
Analysts Reject Manipulation Claims
Julio Moreno, a crypto market analyst, pushed back against the idea that the drop signals something broken behind the scenes.
He said Bitcoin’s broader trend since 2023 had been upward until late last year, when momentum shifted. “We made a new all-time high,” Moreno said, arguing that 2025 was not a bear year overall despite ending in the red.
According to Moreno, the change came in November, when Bitcoin’s trend turned downward after falling below a long-watched technical level.