This is the “70% crash”
I don't have the exact stats here, but if I remember correctly, bitcoin went through about 7 major corrections during the last bull run of 2016/2017. Or maybe that was during the last halvening cycle. Anyway, let's focus on the corrections rather than the timing: Each of those corrections was at least 30%. Some were in the range of 70-80%, and a few have been close to 90%.
I think we've just gone through another one of those crashes.
"Wait," you say. "It only dropped about 50% from ATH."
That's correct, so why would I call this a 70% crash, when it isn't? Simple: Institutional involvement (and partial maturation of the crypto markets) means less volume trading hands during sell-offs (measured in terms of coins, not in terms of value). Maturation and institutional participation means a smoothing of peaks and valleys. Crashes will not be as big as they have been in the past.
If there wasn't the current level of institutional involvement in BTC, I think the current months-long selloff could have been a much deeper valley.
For those of you who have held through the recent sell-off of the past few months (probably most of you), then congratulations, you deserve the "steel hands" award. But I think we'll see very few crashes of >70% in overall crypto markets in the future. You may never get a true diamond hands award for holding through a 90% bloodbath.
My opinion only. Thoughts?