The fallout from the crypto downturn is reaching unexpected heights, including the sale of luxury watches favored by high-speed crypto traders.
Due to the recent “crypto winter,” in which the total market value fell from $3 trillion to temporarily less than a trillion dollarsthere is a mismatch between the supply of trophy watches and the wrists to wear them.
This is according to online watch trading platform Chrono24, which told Bloomberg that the fall in crypto prices “has had a direct impact on the prices of luxury watches from brands like Rolex and Patek Philippe,” Chrono24 said in a statement to Bloomberg.
Leon Neal—Getty Images
What was once a high-flying secondary market for luxury watches has been entrenched just as Bitcoin and Ether prices are trading around 65% lower than their highs of last November, despite a recent rally.
During the last crypto bull market, which peaked around November 10, the prices of luxury watches like the Rolex Daytona and the Patek Philippe Nautilus 5711A surged.
Chrono24 told Bloomberg that the price of a Patek Philippe Nautilus 5711A, which retails for around $35,000, jumped to $240,000 in the first quarter. Now the price of the watch has dropped to $190,000.
Meanwhile, a company executive added that the company’s trading volumes increased by 50% in the first half of the year. Chrono24 expects an increase in sales on the site in the second half.
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