Overview
- Bitcoin trades near $63,800, roughly 45% below its all-time high around $125,000, according to recent reporting.
- Michael Saylor likens the decline to Apple’s 2013 slump, saying the current drawdown has lasted about 137 days and could take years to resolve.
- He contends the shift of derivatives activity to regulated U.S. venues is compressing volatility and limiting drawdowns versus prior cycles.
- On February 5, a rapid drop from about $70,000 to $60,000 produced an estimated $3.2 billion in entity-adjusted realized losses, Glassnode data show.
- Saylor says banks’ reluctance to lend against bitcoin pushes some investors into shadow financing that can intensify selling during stress.