Glassnode: The severity of market retracements during the Bitcoin bull market is gradually weakening

Data disclosed by on-chain analysis company Glassnode shows that although the sharp rise in prices in the Bitcoin bull market is usually accompanied by extreme selling pressure, the severity of market retracements during each bull market rise has gradually weakened as the market size expands. The deepest retracement in this cycle occurred on August 5, 2024, with a drop of 32%. During most retracements, the price of Bitcoin fell only 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 a huge demand window, while the interest of institutional investors is also growing. The supply (in terms of the number of coins) of most short-term holders is "underwater" compared to their cost price, but they do not suffer extreme unrealized losses associated with market deterioration.