Bitcoin one year after the peak: recovery without heavy leverage

A year has passed since Bitcoin hit its all-time high above $126,000. It now trades near $86,000, roughly 32 % lower. After sliding to $58,000 in July 2026, the coin has climbed almost 50 % from that low.

Market conditions look calmer than last year. Funding rates sit at moderate levels and futures open interest has normalized, according to QCP and Glassnode. Leverage has cooled, and price gains are driven more by spot buying than borrowed positions.

Institutional flows have turned mixed. U.S. spot Bitcoin ETFs recorded a net outflow of nearly $90 million on October 5. At the same time, elevated Treasury yields and a lower chance of a near-term Fed rate cut keep pressure on risk assets.

Based on information from cryptonews.net