ChainCatcher report, according to Cointelegraph, Bitcoin Bond Company CEO Pierre Rochard stated that the current fourth Bitcoin bear market has significantly diverged from previous cycles, demonstrating stronger resilience. In prior cycles, the maximum drawdowns were approximately 85% during 2013–2015, and nearly 77% during both 2017–2018 and 2021–2022. In contrast, this cycle has seen a maximum drawdown of only about 52%, declining from a historical high of around $126,000 to approximately $60,000. Rochard attributes this resilience to two new sources of demand: cumulative net inflows into spot Bitcoin ETFs exceeding $59 billion, and sustained corporate treasury purchases (e.g., Strategy now holds over 818,000 BTC). These institutional demand drivers were absent during the 2018 and 2022 bear markets. Michaël van de Poppe, founder of MN Capital, also noted that the current market environment is no longer akin to that of 2022, and the widely held expectation that Bitcoin will form a bear flag and bottom out in October 2026 may be the most crowded trade thesis.
Bitcoin's current bear market demonstrates greater resilience than previous cycles.
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Summary
Bitcoin’s current bear market demonstrates greater resilience than previous cycles. Rochard of Bitcoin Bond Company noted that the current drawdown stands at 52%, compared to 85% during 2013–2015 and 77% during 2017–2018. He highlighted $59 billion in ETF inflows and corporate treasury purchases as new sources of demand, suggesting institutional demand has become a key market driver. Van de Poppe of MN Capital added that the 2026 bottom call may be the most crowded trade.
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