Nearly six months after the October 10 crypto crash wiped out millions of dollars in a single day, Bitcoin remains under pressure, trading below its recent peak. The stock reached an all-time high of $126,080 on Oct. 6, but since then it has dropped about 47% to about $67,000.
Despite the slowdown, Cathie Wood, a long-time BTC advocate and CEO of ARK Investment Management, encourages investors to maintain a long-term view.
Wood, whose firm was among the first asset managers listed to gain exposure to Bitcoin in 2015, has maintained an active presence in crypto-related stocks. ARK Invest continues to trade shares of companies tied to the digital asset sector, including Coinbase, Robinhood Markets, Block, Circle Internet Group, Bitmine Immersion Technologies, and Bullish, adjusting positions in response to market conditions.
In an interview on CNBC’s Squawk Box, Wood addressed the current downturn, framing BTC’s decline as a sign of maturity rather than weakness.
He pointed out that the nearly 50% decline from highs represents a turnaround from the extreme volatility seen in previous cycles, where Bitcoin typically experienced declines of 85% to 95%.
According to Wood, such a terrible fall is unlikely to happen again. He described Bitcoin as a “proven technology” and a “new asset class,” suggesting that its market behavior has improved with wider adoption and institutional participation.
In his opinion, the current correction will be considered a “real victory” for the Bitcoin community if the losses remain limited to about half of its peak value.
Bitcoin is a vicious cycle
Historical data supports comparisons with previous cycles, although the current downturn should still match previous bear markets in severity. During the 2021-2022 cycle, Bitcoin fell by almost 80 percent from its record high of around $69,000, eventually falling to around $15,600.
Onchain data from Glassnode shows that the current decline, measured against the October 2025 peak, has reached about 52% of its lowest point.
All this is happening as the falling price of bitcoin is forcing a growing number of public companies and private organizations to release their BTC wealth, marking a sharp reversal from the accumulation trend of the past two years. Firms that once struggled to hold long are now selling to manage cash, pay debt, and fund pivots.
Companies like Riot Platforms, Genius Group, Empery Digital, Nakamoto Holdings, and Marathon Digital have all reduced their holdings, in some cases significantly. Marathon alone sold more than 15,000 BTC for $1.1 billion to reduce debt, while Genius Group fully exited its portfolio. Riot has also released bitcoin as it transitions to AI and efficient computing infrastructure.
Even firms that have yet to commit to bitcoin are decision makers. Empery Digital sold part of its assets to repay loans, while Nakamoto Holdings closed a small part to support operations. Meanwhile, Bhutan has been reducing its government-backed bitcoin reserves after previously amassing them through mining.
Despite the sale, public companies still hold about 1.16 million BTC, more than 5% of the total.
