According to Odaily, data from on-chain analytics firm Glassnode reveals that while Bitcoin bull markets typically experience significant upward price movements accompanied by extreme selling pressure, the severity of market pullbacks has gradually diminished as the market has grown. The most significant pullback in this cycle occurred on August 5, 2024, with a decline of 32%. During most pullbacks, Bitcoin's price only fell 25% below local highs, indicating that this cycle's volatility is among the lowest recorded. This trend may reflect the opening of a substantial demand window with the introduction of spot ETFs and increasing interest from institutional investors. Additionally, the majority of short-term holders are operating at a loss relative to their cost basis, yet they are not experiencing extreme unrealized losses associated with market deterioration.

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