The crypto crash claimed its first luxury casualty: the Rolex Daytona. After hitting record highs at the start of the year, the prices of the most sought-after watches on the secondary market have now fallen. The global used watch bubble has been fueled by crypto and stock market gains, stimulus cash and speculation. It’s coming apart. So far, the demand for new watches is holding steady. But the luxury watch secondary market is a stark reminder that the bling boom may not last. In 2021, a combination of roaring stock markets and crypto has boosted wealth and sparked wider interest in investing in alternative assets, be it non-fungible tokens or watches. And when markets started to seesaw earlier this year, some investors were keen to invest their money in more tangible stores of value, like a Rolex watch. Consequently, a new breed of young watch dealers joined the longtime collectors.