Every Zipp story tagged #Drawdown, newest first.
The corporate Bitcoin balance-sheet trade that minted Saylor-style equity premiums is unwinding fast, with one major firm sitting on $10B of paper losses and bracing for a $27B downside case.
Eight of 113 sub-$100M-cap projects launched since 2024 sit above their token generation event price, the rest are deep in the red as TGE discipline remains the exception.
Total market cap fell from a mid-May high of roughly $3.8T toward $3.3T, erasing half a trillion dollars as macro risk-off and deleveraging pulled every major token into drawdown territory.
The call is conditional on prior cycle depth and duration, not a fresh forecast; BTC is already off nearly 50% from October's $126K high, putting the current drawdown in the same bracket as past…
The thesis was simple hardware-plus-token incentives at scale; the chart says the bid never showed up. DePIN has slipped into the bottom tier of major crypto narratives by drawdown.
ETH closed Q2 2026 down 25.2%, capping a drawdown that has now erased six months of returns. The chart has rarely looked this broken in the asset's listed history.
BTC's brief dip dragged aggregate crypto value under the $2T mark, with top-10 altcoins taking double-digit hits and the heaviest losses concentrated in lower-liquidity names.
A 35% annual drawdown puts Bitcoin on track for one of its worst calendar-year performances since 2018, with the move reflecting broad deleveraging rather than any single catalyst.
Galaxy Research frames the current 49% drawdown from Bitcoin's cycle high as mild by historical standards, where prior cycles bled 70% to 90% before bottoming.
Eighty-seven percent of tracked assets are negative in June, with a median return of -12.3%, a sharp reversal from April when 64% of assets were advancing.
The drawdown is the easy headline; the more interesting signal is the conviction — a KOL whose on-chain net worth has fallen from $67M to $11M hasn't trimmed a single position.
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