Bitcoin May Avoid Historic Bear-Market Losses as ETF Inflows and Corporate Buying Grow, Analyst Says

Bitcoin has suffered steep drawdowns in previous bear markets, falling about 85% from 2013 to 2015 and nearly 77% in both 2017–2018 and 2021–2022. Pierre Rochard, CEO of Bitcoin Bond Company, said U.S. spot ETFs, which launched in January 2024, and increased corporate holdings have created sustained demand that was absent during the previous two bear markets. That suggests the market’s structure may have changed.

As of May 12, 2026, Bitcoin had fallen as low as $60,000 from a peak of about $126,000 in October 2025, a maximum drawdown of roughly 52%. The drawdown later narrowed to 36%. U.S. spot ETFs have recorded more than $59 billion in cumulative net inflows since their launch, including $4.5 billion since March. Over the same period, Strategy increased its Bitcoin holdings from 640,031 to 818,869, adding nearly 179,000 coins.