Bitcoin Has Recorded Seven Drawdowns of More Than 50% Since 2011

Bitcoin (BTC) has fallen more than 50% from a prior daily closing high seven times since 2011, with the latest decline still below its October 2025 peak at the Oct. 21, 2026, cutoff.

The tally uses a closing-price rule. A decline begins once Bitcoin closes more than 50% below an earlier daily closing high and ends when a later close clears that level. The April-to-July and November-to-November 2021 declines count separately because Bitcoin crossed its previous record between them.

Peak-to-trough period Decline

2011 About 93%

April 2013 About 71%

December 2013-January 2015 84.5%

December 2017-December 2018 83.4%

April-July 2021 53.1%

November 2021-November 2022 76.6%

October 2025-June 2026 About 53%

The 2011 decline was the deepest in the tally. Sparse exchange records make that estimate approximate, and prices varied widely across exchanges before 2014. The two 2021 episodes also differed in size: the spring decline was 53.1%, while the later one reached 76.6%. The latest drop was close to the spring 2021 decline in depth.

All six earlier episodes eventually moved above their former highs. The downturns that bottomed in 2015, 2018 and 2022 took 1,127, 1,080 and 847 days, respectively, from peak to recovery. Under this count, the drawdown ends only after Bitcoin closes above its previous high, so reaching a low does not end the episode.

The latest decline reached roughly $58,600 around the end of June, about 53% below its October 2025 peak. On Oct. 10, 2025, liquidations erased roughly $19 billion in leveraged crypto positions during the October 2025 crash.