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Hong Kong Desk Reads XWIN Japan's Stress Test: Why Bitcoin Kept Capital When SOL, ETH, XRP and BNB Did Not HONG KONG — A six-month post-mortem published on May 11 by Tokyo-based research house XWIN Japan has begun circulating across Asia-Pacific trading desks this week, and it lands at an awkward moment for regional altcoin treasuries.
The paper covers the October 2025 to April 2026 drawdown, the deepest stress test the major tokens have faced since the 2022 unwind, and its conclusion is unflattering for almost everything that is not Bitcoin.
XWIN puts Bitcoin's peak-to-trough loss at 52.5 percent, taking the asset from roughly $126,000 down to about $60,000.
That headline number is grim in isolation, but inside Asia-Pacific allocation committees it reads as resilience. Solana surrendered 71.6 percent, dropping from $238 to $67. Ethereum and XRP each shed about 63 percent.
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