Bitcoin drawdown: 47.3% below the all-time high
Bitcoin is 47.3% below its all-time high, set Oct 6, 2025 (as of market close, Jul 23, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown.
- Below all-time high
- −47.3%
- 52.7% of ATH
- All-time high
- $124,720
- Oct 6, 2025
- Time below the high
- 10 mo
- since Oct 6, 2025
- Worst-ever drawdown
- −84.0%
- Aug 18, 2015
- Longest underwater
- 3.2 yrs
- between all-time highs
- Today's level first reached
- Oct 20, 2021
- 4.8 yrs ago
- Last time this deep
- Nov 14, 2023
- in a previous episode
% of all-time high since 2012#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of Bitcoin, including years before the visible window. Bitcoin pays no dividends, so price and total return coincide.
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Dec 4, 2013 | Aug 18, 2015 | −84.0% | 1.7 yrs | Feb 23, 2017 | 3.2 yrs |
| Dec 16, 2017 | Dec 14, 2018 | −82.9% | 12 mo | Nov 30, 2020 | 3.0 yrs |
| Nov 8, 2021 | Nov 21, 2022 | −76.7% | 12 mo | Mar 4, 2024 | 2.3 yrs |
| Apr 9, 2013 | Jul 5, 2013 | −71.2% | 3 mo | Nov 5, 2013 | 7 mo |
| Apr 13, 2021 | Jul 20, 2021 | −53.1% | 3 mo | Oct 19, 2021 | 6 mo |
| Oct 6, 2025 | Jun 30, 2026 | −53.0% | 9 mo | not yet | 10 mo+ |
| Aug 16, 2012 | Aug 19, 2012 | −40.7% | 3 days | Dec 7, 2012 | 4 mo |
| Jun 11, 2017 | Jul 16, 2017 | −34.4% | 35 days | Aug 5, 2017 | 55 days |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2012: how far Bitcoin stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: a single asset's history is one surviving sample, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is Bitcoin from its all-time high?
- Bitcoin is currently 47.3% below its all-time high, set Oct 6, 2025 (as of market close, Jul 23, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest Bitcoin drawdown ever?
- The deepest decline on record in our data (since 2012) took Bitcoin 84.0% below its prior high, bottoming Aug 18, 2015. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily data since 2012 from BTC-USD; no free deep history exists for Bitcoin — for a 150-year drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.