Bitcoin prices. (Data: Yahoo Finance)
The last time the cryptocurrency rallied, in 2021, it presaged a bubble in Rolex preowned prices, as many “crypto bros” diversified their portfolios by buying and flipping Rolex watches.
While Bitcoin in the past six months has reached and stabilized at levels higher than its 2022 record, the drop in the preowned watch market has not reversed.
“We have now experienced a nine-consecutive-quarter decline,” said Hamza Masood of WatchCharts.com on the Openwork podcast of Aug. 19. WatchCharts.com tracks watch value on the preowned market, including the top 30 models within Rolex. “We have not hit an inflexion point where we can confidently say prices are no longer falling. We are not near that bottom yet,” Masood said.
That Rolex preowned prices haven't reversed trends despite Bitcoin’s recovery is good news for enthusiasts of the brand; they no longer have to compete with speculators to get their hands on Rolex watches. “Bitcoin bros,” once bitten twice shy, seem to have slipped away from the Rolex market.
Still, Rolex enthusiasts are keeping a close eye on which models retain their value and are reluctant to splash out on a watch that is dropping in price secondhand, further depressing demand.