On-chain analysis company Glassnode's latest data shows that while the Bitcoin market has experienced significant price increases during the bull market, the degree of pullback is gradually weakening. The pullback level on August 5, 2024, was 32%, the deepest of this cycle. In most cases, the price only fell below the local high by 25%, indicating that the volatility of this cycle is among the lowest in history.

This phenomenon may be related to the launch of spot ETFs, which has opened a window for market demand. At the same time, interest from institutional investors is growing, and while the supply from short-term holders is below cost price, extreme losses have not been observed. This suggests that changes in market structure may be reducing volatility risk.