For every $1,000 you invested in Bitcoin a year ago, it would be worth 75% less today, Money magazine reports.

On Nov. 10, 2021, Bitcoin reached a record high of $68,790, according to CoinMarketCap. On Nov. 29, 2022, it had fallen to $16,222.

Ethereum blockchain network’s token, Ether, is down by just about the same percentage.

The decline in Bitcoin and other cryptocurrencies is not due to the spectacular bankruptcy of major crypto exchange FTX. Yes, crypto was impacted by the bankruptcies earlier this year of crypto hedge fund Three Arrows (3AC) and lending platform Voyager Digital.

Crypto investors this week have also been spooked by the potential bankruptcy of another crypto lender, BlockFi.

However, the real reason for the steep decline in Bitcoin and other cryptocurrencies is simply that they have followed the same trajectory as the broader stock market and technology stocks, the latter of which are down 30% this year due to inflation, higher interest rates and recession fears, says Alkesh Shah, a Bank of America global cryptocurrency and digital asset strategist.

Shah says crypto investors need to put the category in perspective, though it be it widely unpredictable.

“On a two-year basis, the cryptocurrency sector is up over 300%, versus, say, software technology stocks that are up 35% over the last two years,” Shah says. “So, it’s a significantly outperforming group on a two-year basis, but it definitely corrected this year along with the other risk assets.”

Bitcoin, in fact, is down a mere 5% in the past 24 months—but if you had invested in it in 2019, you would have tripled your money.

Nevertheless, the news from FTX has alarmed many crypto enthusiasts, who have pulled their assets from crypto exchanges and parked it is crypto wallets, Shah says.

These investors do not believe “post-FTX Bitcoin is going down,” Shah maintains.

The money is just sitting on the crypto sidelines.