Here’s a number that should make crypto equity investors wince: Coinbase shares have plunged 69% from their all-time high, while Circle has fallen even harder at 72%. Meanwhile, the S&P 500 is casually sitting just 3.5% below its recent peak.
The numbers paint an ugly picture
Coinbase (COIN) hit its all-time high near $420 back in July 2025. Today, it trades at roughly a third of that level. Circle (CRCL), which went public in June 2025 with an IPO priced at $31 per share, initially saw a strong market reception before the wheels came off. Its shares have since shed 72% from their post-IPO highs.
For context, look at how major tech stocks have fared over the same period. Companies like Oracle, Salesforce, Netflix, and Palantir have experienced declines ranging from 48% to 57%.
The underlying assets aren’t helping. Bitcoin has pulled back more than 54% from its October 2025 peak, now trading below $60,000. Ether has been hit even harder, dropping approximately 69% to around $1,500.
