Why bitcoin is down 'just' 32% a year after its record high of $126,000

Bitcoin is about 32% below its record high of $126,000 a year later, a relatively modest drawdown compared with the deeper declines seen in earlier bear markets. The resilience reflects stronger institutional participation and broader market infrastructure, which may have helped cushion selling. Still, the pullback shows Bitcoin remains volatile, and its relatively shallow decline does not rule out further losses.