Bitcoin (BTC) sits 39% below its high and meme coins up to 99% below theirs. The S&P 500, however, trails its record by only 3%.
Losses deepen at each step toward more speculative assets. That leaves crypto holders with a far deeper drawdown than any major US stock index.
How Deep Do Meme Coin Losses Run Beyond Bitcoin?
Charlie Bilello, chief market strategist at wealth manager Creative Planning, ranks 19 assets and benchmarks by distance from all-time highs.
Ethereum (ETH) sits 55% below its record. The next rung, Dogecoin (DOGE), is 90% below, a 35-point gap that is the widest between neighboring entries.
Fartcoin (FARTCOIN), a meme coin on the Solana blockchain, trails its high by 95%.
The Official Trump (TRUMP) and Official Melania (MELANIA) meme coins launched around President Donald Trump’s January 2025 inauguration. They trail by 98% and 99%.
Meanwhile, the team behind TRUMP has scheduled a gala dinner for holders with the president on November 22.
How Far Do US Stock Indexes Sit From Their Records?
The S&P 500 closed Friday about 3% below its October 6 record. In contrast, the Nasdaq Composite finished about 8% below its own high. The Dow Jones Industrial Average sat about 4% below its August peak.
Even the Nasdaq’s gap is about a fifth of Bitcoin’s. Among stocks, Netflix (NFLX) has the deepest drawdown at 54%, while Tesla (TSLA) trails by 20% and Apple by 2%.
The S&P 500’s proximity to its record has not extended to crypto. Google searches for Bitcoin had hit a six-year low by mid-October.
Bitcoin peaked on October 6, 2025, and the S&P 500 peaked a year later to the day. Drawdowns therefore say little about recent momentum. Still, the recovery arithmetic is lopsided, since a 39% drawdown needs a 64% gain and a 90% drawdown needs 900%.
