ROI from running peak — ROI / drawdown from the running all-time-high
Drawdown from ATH is a Bitcoin valuation indicator: ROI from running peak. It compares market conditions with a long-term benchmark, network activity or available liquidity.
Bear markets have historically bottomed at 75–85% below the peak. Seeing today’s number in that context is oddly comforting.
A valuation metric can stay elevated or depressed for months. Confirm it with price, holder behaviour and liquidity rather than treating it as a timing tool.