COIN and CRCL down 70% from highs while the S&P barely flinches — math is not a vibe 📉

Shares of Coinbase (COIN) and Circle (CRCL) have fallen 69% and 72%, respectively, from their all-time highs, underperforming several large technology names during a broad sector selloff. Oracle (ORCL), Salesforce (CRM), Netflix (NFLX) and Palantir (PLTR) are down between 48% and 57% from their peaks, according to data from The Kobeissi Letter. By comparison, the S&P 500 Index has retreated just 3.5% from its recent high, underscoring a widening gap between crypto-linked equities and the broader US stock market.

The technology pullback has been driven in part by concerns that advances in artificial intelligence could disrupt existing business models across parts of the sector, while semiconductor stocks have generally held up better despite bouts of volatility. Crypto-related equities have remained under pressure amid weakness in digital asset markets and uneven progress on comprehensive crypto market structure legislation in the United States. Bitcoin fell below $60,000 this week, extending its decline to more than 54% from its October peak, while Ether has come under heavy selling pressure, recently trading around $1,500, roughly 69% below last year's high.

Bear market conditions have weighed on corporate earnings. Coinbase reported first-quarter revenue that fell 21% from the previous quarter, along with a loss of $1.49 per share, versus analysts' expectations for a profit of $0.27 per share.

The crypto market's prolonged downturn has also prompted analysts at 21Shares to lower their expectations for 2026, arguing that digital asset prices have significantly underperformed the industry's underlying fundamentals. In its midyear outlook, 21Shares said institutional adoption continues to strengthen, particularly in stablecoins, tokenization and prediction markets, but maintained that Bitcoin's four-year market cycle remains the dominant force driving crypto prices. "Bitcoin's cycle is evolving, but it has not broken yet," 21Shares said, walking back its earlier forecast that the four-year cycle had become obsolete.