Major cryptocurrencies and speculative digital assets are experiencing drawdowns significantly deeper than traditional US stock indexes, according to market data shared by Creative Planning Chief Market Strategist Charlie Bilello.
While the S&P 500 closed about 3% below its October 6 record, Bitcoin sits 39% below its peak. Other major US indexes also show more resilience than the digital asset market, with the Dow Jones Industrial Average sitting roughly 4% below its August peak and the Nasdaq Composite trailing its high by about 8%.
Losses deepen progressively across the crypto sector toward more speculative assets. Ethereum is down 55% from its record high. Meme coins face even steeper declines, with Dogecoin down 90% and Solana-based Fartcoin trailing its peak by 95%.
Tokens launched around the January 2025 inauguration of President Donald Trump have suffered some of the largest drops. Official Trump and Official Melania meme coins trail their all-time highs by 98% and 99%, respectively. Despite the drawdown, the team behind the Trump token scheduled a gala dinner for holders with the president for November 22.
Among major equities tracked in the ranking, Apple sits 2% below its record, Tesla trails by 20%, and Netflix holds the deepest stock drawdown at 54%. In contrast to the S&P 500's proximity to record levels, Google searches for Bitcoin reached a six-year low by mid-October.
