Bitcoin Crash 2026: Token Bay Capital Says Whales Are Already Buying Back In

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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.

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.

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.