The cryptocurrency crash has claimed its first luxury victim: the Rolex Daytona. After hitting all-time highs earlier this year, prices for the most desirable watches on the secondary market have now dropped. The global pre-owned watch bubble was fueled by cryptocurrency and stock market gains, stimulus money and speculation. That is falling apart. So far, the demand for new watches remains. But the secondary market for luxury watches is a stark reminder that the bling boom may not last. In 2021, a combination of roaring stock markets and cryptocurrencies fueled wealth and sparked broader interest in investing in alternative assets, be it non-fungible tokens or watches. And when markets began to move sharply earlier this year, some investors were eager to put their money into more tangible stores of value, like a Rolex watch. Consequently, a new generation of young watch dealers joined the lifelong collectors.