According to ChainCatcher's message, the on-chain analysis company glassnode has disclosed data showing that although the sharp rise in bitcoin prices during bull markets is usually accompanied by extreme selling pressure, as the market size expands, the severity of market corrections during each bull market rally has gradually decreased.
The deepest correction of this cycle occurred on August 5, 2024, with a drop of 32%. In most corrections, the bitcoin price has only fallen by 25% below the local high, indicating that the volatility of this cycle is one of the lowest so far.
This may reflect that the launch of spot ETFs has opened up a huge demand window, while the interest of institutional investors is also growing, and the vast majority of short-term holders' supply (in terms of the number of coins) is running "underwater" relative to their cost price, but they have not suffered extreme unrealized losses associated with market deterioration.
