GBTC’s worst drop since 2015 was 90%
Grayscale Bitcoin Trust ETF (GBTC) fell 90% from Dec 2017 to Feb 2019. It took 3.0 years from that peak to close at a new high, in Jan 2021. Over the same years the S&P 500 fell as much as 34%.
That drop ranks 8th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2015 to now
How GBTC held up in each crash
| Crash | Years | GBTC | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | not trading yet | −55.2% |
| COVID crash | 2020 | −58.9% | −33.7% |
| 2022 rate shock | 2022 | −77.5% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was GBTC’s maximum drawdown?
GBTC’s deepest fall since 2015 was 89.9%, from its high on December 18, 2017 to its low on February 6, 2019. The figure uses daily prices with dividends reinvested.
How long did GBTC take to recover?
3.0 years. GBTC first closed above its Dec 2017 high again on January 5, 2021.
Was GBTC riskier than the S&P 500?
Over the same years, GBTC’s worst drop was 89.9% against 33.7% for the S&P 500 (SPY), and its worst 12 months were −88.7% against −19.7%.
Compare with
Daily adjusted closes from Yahoo Finance, May 12, 2015 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.