On-chain analytics firm Glassnode's disclosure data shows that although the significant price increase during the Bitcoin bull market is usually accompanied by extreme selling pressure, as the market scales, the severity of market corrections during each bull market rally has gradually weakened. The deepest correction of this cycle occurred on August 5, 2024, with a decline of 32%. During most corrections, Bitcoin's price only fell below the local high by 25%, indicating that the volatility of this cycle is one of the lowest to date. This may reflect that the launch of a spot ETF has opened a huge demand window, while institutional investors' interest continues to grow. The majority of short-term holders' supply (based on the number of coins) is operating 'underwater' compared to their cost price, but they have not endured extreme unrealized losses associated with market deterioration.