In today’s Morning Lineup, we detailed how the total market cap of crypto is reaching new lows in the context of a multi-month unwind. That is as the largest cryptocurrency, Bitcoin, falls below 30,000 for the first time since January 1st. Granted, back then Bitcoin had never been that high before. Today, Bitcoin is down for the fourth day in a row nearing extreme oversold territory (measured by 2 or more standard deviations below its 50-DMA) and is testing support around the lows from earlier in the spring. That all leaves Bitcoin 52.86% below its all-time high above 63,000 from April 15th. While the price of the crypto being cut in half may sound dramatic, as we have noted in the past, it is more or less par for the course for the speculative asset. As shown in the second chart below, through its history the average decline from an all-time high has been 47.6% (median 51.9%); only a few percentage points less than the current drawdown. Click here to view Bespoke’s premium membership options.