Market strategist Charlie Bilello analyzed 19 assets, comparing their current prices to all-time highs. The data shows that while the S&P 500 index is down only 3% from its record, major cryptocurrencies and meme coins face significantly deeper drawdowns. Bitcoin currently sits 39% below its peak, while Ethereum has fallen by 55%.
The decline is more pronounced among speculative meme coins. Dogecoin is down 90% from its high, and Fartcoin on the Solana blockchain has dropped 95%. The TrumpCoin and MelaniaCoin tokens, which launched around the January 2025 inauguration, have lost 98% and 99% of their value respectively. The team behind TrumpCoin has announced a gala dinner for holders on November 22.
Traditional stock market indices show more stability. The Nasdaq Composite is 8% below its high, and the Dow Jones Industrial Average is 4% below its August peak. Among individual stocks, Netflix shows a 54% decline, while Tesla is down 20% and Apple is 2% below its record. Bitcoin reached its peak on October 6, 2025, the same day the S&P 500 hit its record a year later.
The report highlights the mathematical difficulty of recovering from such losses. A 39% drawdown requires a 64% gain to return to the previous peak, while a 90% decline necessitates a 900% increase. Despite the market activity, search interest for Bitcoin reached a six-year low by mid-October.
