Price Drawdown From ATH

The line shows how far price sits below the highest close ever reached up to that point. Zero means a new all-time high; the deep troughs are the bear-market capitulations (−93% in 2011, −84% in 2015, −83% in 2018, −77% in 2022).

Two uses: gauging where the current decline ranks against history, and internalizing Bitcoin's true risk profile — every cycle so far has spent years more than 50% below its high. Note the progressively shallower cycle lows, consistent with a maturing (lower-volatility) asset.