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Top 5 Cryptos See Up to 72% Peak-to-Trough Loss
A 72% peak-to-trough loss among top cryptos signals deep bear conditions; on-chain supply data will provide the first sign of a potential trend change.
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The top 5 cryptocurrencies by market capitalisation are trading at levels between 30% and 72% below their all-time highs. At least one of the group has recorded a 72% peak-to-trough loss, the deepest drawdown among the cohort. This is not a routine correction. It reflects months of persistent selling pressure that has erased the majority of gains from the last cycle peak across the largest tokens.
The 72% Gap and What It Signals
A 72% loss from an all-time high changes the risk calculus for anyone building a watchlist. At these levels, downside is often less severe than during the first 30%–50% of a decline, because the remaining holders are more committed and liquidations have largely run their course. The absence of a V-shaped recovery, however, signals that the market is not yet pricing in a turn. Volume has compressed, and price action shows lower highs and lower lows. That pattern breaks only when a macro shift (Fed pivot, regulatory approval of a spot ETF) or an organic on-chain signal (exchange supply dropping to cycle lows) materialises.
Historical bear phases such as 2022 saw similar drawdown magnitudes in the same tier of assets before a prolonged accumulation phase set in. The critical difference now is the lack of a clear catalyst. The CLARITY Act odds recently dropped below 50%, the FDIC proposed a stablecoin AML rule with a 60-day comment window, and geopolitical tensions with Iran have added a macro risk overlay (see CLARITY Act Odds Drop Below 50% on Senate Scheduling Risks, FDIC Proposes Stablecoin AML Rule With 60-Day Comment Window, and Rising US-Israel Tensions With Iran Signal Conflict Risk for Crypto). None of these developments provide the liquidity or regulatory clarity needed to spark a recovery.