While we are far from cryptocurrency enthusiasts, we monitor Bitcoin because it can serve as a measure of investors’ risk appetite. As a speculative favorite, it often tends to peak in advance of the traditional equity market.
Bitcoin peaked in early October 2025, prior to the broader market selloff early this year. Yet, while the equity market has recently seen a feverish rebound led by the most speculative stocks, Bitcoin has failed to join the party. Following a brief period of stability, Bitcoin has tumbled even further in recent weeks and today collapsed down to $60,000. This represents a -51% loss from its all-time high of $124,753, and marks a 20-month low.
If the price continues to accelerate lower from here, it would warn that investors’ enthusiasm for speculative assets could be running out.