Deep dive into Bitcoin on-chain fundamentals as the dust settles from FTX fallout

Bitcoin is currently down 75% from its all-time high (ATH), with a max drawdown of 76.9% from the fallout of FTX on Nov. 9th. However, this is not unusual in Bitcoin’s history. During the 2014-15 bear market, Bitcoin retracted over 85% from its ATH, and lasted for around 286 days in max capitulation.

A similar event happened during the 2018-19 bear market, which also saw an 84% drawdown for 136 days. The 76% drawdown started in mid-November, so based on history, this could continue into Q1 2023.