Market Data

% From All-Time High

For Bitcoin: gap between current price and its all‑time high (ATH).

What the term means

% From All-Time High measures Bitcoin’s current percentage drawdown from its highest price ever. It updates continuously and resets only when BTC prints a new record.

((Current BTC price − BTC all-time high) ÷ BTC all-time high) × 100

Values range from 0% (price at ATH) to deep negatives such as −37% or −76%. This is the universal “pain gauge” for Bitcoin’s macro cycle.

Why the term matters for Bitcoin treasury companies

Regime-change North Star

Every treasury cycle follows the same bands: 0% to −20% = bull, raise aggressively; −20% to −40% = caution; −40% to −70% = bear, premiums collapse; −70%+ = capitulation, generational buy zone. The metric tells you exactly which regime you are in.

Allocation trigger for institutions

Many allocators hard-code rules: no new exposure above −15%; begin scaling at −30% to −40%; max allocation at −60% to −70%. Crossing these thresholds unleashes or withholds billions from treasury equities instantly.

Management playbook driver

CEOs time raises and hedges off this number. At −5% to −15% they sell stock at peak premiums; at −40% they pause ATMs; below −60% elite operators back up the truck knowing the flywheel reignites at the next ATH.

Premium predictor

mNAV multiples track % From ATH with near-perfect correlation. A slide from −8% to −38% shaves 1.5–3.0× off sector-wide multiples; the rebound from −68% to −12% adds 2–5× as gamma and FOMO return.

Options flow regime map

−10% to −25% environments are call-gamma dominated, fueling vertical squeezes. Below −40%, put-gamma dominates and drawdowns accelerate. A new ATH flips the market from defensive to offensive in a single session.

Retail psychology compass

Retail capitulates at −50%, −70%, −80%. Media eulogies peak exactly when the metric bottoms. Smart money fades the noise because every past −70%+ drawdown preceded 5–20× BTC rallies and 20–100× treasury returns.

Historical mean reversion

Bitcoin has never failed to make a new ATH after a −70%+ drawdown. Treasuries that keep stacking through that zone deliver the highest lifetime returns. The metric is the proven cycle compass.

Capital rotation signal

When BTC is −60% from ATH, treasury leaderboards light up with +500% YTD gains off the lows. When BTC sits at −8%, the same names lag as premiums compress. The metric explains most relative performance shifts.

Bottom line

% From All-Time High is Bitcoin’s master cycle clock—and therefore the treasury sector’s master allocator. −20% means the party is on, −50% signals storms, −70%+ is a once-in-four-years fire sale. Keep it on screen; it tells you when to raise, when to buy, and when to wait.

How BitcoinQuant incorporates it

We ingest real-time BTC pricing—Computed as (current − ATH) ÷ ATH. ATH is maintained from our price history. The percentage drives macro regime banners across the app, allocation guidance in treasury playbooks, and alerting when Bitcoin crosses −20%, −40%, −60%, or prints a new ATH.