On-chain analytics company Glassnode has disclosed data showing that although significant upward price movements in Bitcoin bull markets are typically accompanied by extreme selling pressure, the severity of market pullbacks during each bull market has gradually diminished as the market size expands. The deepest pullback in this cycle occurred on August 5, 2024, with a decrease of 32%. During most pullbacks, the Bitcoin price only fell below the local highs by 25%, indicating that the volatility in 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 most short-term holders (in terms of coin count) is operating 'underwater' compared to their cost basis, but they have not endured extreme unrealized losses associated with market deterioration.