blockchain analysis company Glassnode has revealed data showing that although extreme selling pressure typically accompanies significant price increases during a Bitcoin bull market, the severity of market retracements during each bull market has gradually decreased as the market has grown. The deepest retracement during this cycle occurred on August 5, 2024, with a drop of 32%. During most retracements, Bitcoin prices only fell below 25% of the local high, indicating that the volatility of this cycle is one of the lowest to date. This may reflect the opening of a huge demand window with the launch of spot ETFs, while institutional investors' interest is also growing. The supply of most short-term holders (calculated in coins) is running "underwater" compared to their cost price, but they have not suffered extreme unrealized losses associated with market deterioration.