On-chain analyst Darkfost has dismissed the narrative that a sharp correction in U.S. equities would inevitably drive Bitcoin down to $10,000. According to his analysis, such a move would represent an approximately 92% drawdown from Bitcoin's all-time high—a magnitude of loss seen only once before in 2011 based on daily closing prices. Darkfost argues that mapping traditional stock market declines directly to extreme crypto bear scenarios is flawed due to Bitcoin's significantly expanded market capitalization and enhanced resilience compared to its early years. He further noted that historical precedent is limited, citing only five instances since Bitcoin's inception where the S&P 500 experienced a drop exceeding 20%, making broad generalizations unreliable.