Bitcoin had dropped over 50% from its all-time highs, with roughly 40% of that fall happening in the last six months alone. But one fund manager thinks the bottom could already be forming.
In a recent CNBC International interview, Lucy Gazmararian, founder and managing partner of Token Bay Capital, explained that crypto’s recent sell-off was not isolated. It followed a broader macro risk asset correction into early 2026, with another 20-30% drop across the board.
Bitcoin Whales Sold at $100K, Now “Nibbling” Back In
Gazmararian pointed to OG Bitcoin whales who sold down their holdings around the $100K psychological level at the end of 2025. According to her, this follows the same four-year cycle pattern that has played out repeatedly in crypto markets.
“Until it’s proven otherwise, these four-year cycles are going to persist,” she said.
She added that if Bitcoin drops back to the $50K level, whales are expected to accumulate heavily. Some may already be “beginning to nibble back into the market.”
Also Read: Is Bitcoin’s 4-Year Cycle Breaking Down? Ran Neuner Points to Liquidity Shift
Peak-to-Trough Drawdowns Are Getting Smaller
Gazmararian noted that while the pattern of roughly three years up, a blow-off top, and a sharp decline still holds, the drawdowns are getting “smaller and smaller” each cycle. This suggests the crypto market is gradually maturing.
For those watching for a re-entry point, her message was direct.
“If you’re looking to accumulate, it is not a crazy thing to be accumulating at this price,” she said.
XRP Records Positive ETF Flows While Market Bleeds
While nearly every crypto asset saw outflows last week, XRP was the only cryptocurrency with record positive ETF flows, bucking the broader sell-off trend entirely.
Memecoins Have No Real Backing, Says Gazmararian
Gazmararian also drew a clear line between tokens with real utility and those without. She described memecoins and cultural tokens as “backed by absolutely nothing,” adding that they trade purely on “social media momentum and tokens going viral for really obscure reasons.”
On the other hand, tokens tied to blockchain infrastructure like Ethereum serve as consensus mechanisms for decentralized transactions. Bitcoin’s value, she said, is anchored in its function as a global instant payment system and the energy cost behind mining.
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
