Odaily Planet Daily News: On-chain analysis company Glassnode has disclosed data showing that despite the significant upward price movements during Bitcoin bull markets usually accompanied by extreme selling pressure, as the market size expands, the severity of market pullbacks during each bull market rise is gradually decreasing. The deepest pullback of this cycle occurred on August 5, 2024, with a decline of 32%. During most pullbacks, the Bitcoin price only fell below the local highs by 25%, indicating that the volatility of this cycle is among the lowest so far. This may reflect that the launch of spot ETFs has opened up a huge demand window, while institutional investor interest is also continuously growing. The supply of the vast majority of short-term holders (in terms of the number of coins) is operating “underwater” relative to their cost price, but they have not experienced extreme unrealized losses associated with market deterioration.

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