Glassnode: During the BTC bull market pump, the severity of market retracements is gradually decreasing.

[Glassnode: The severity of market retracement in the process of BTCBull Marketpump is gradually weakening] According to data disclosed by on-chain analysis company Glassnode, although the sharp rise in price in BTCBull Market is usually accompanied by extreme dumping pressure, the severity of market retracement in the process of each bull marketpump gradually weakens as the market size expands. The deepest drawdown of the cycle occurred on August 5, 2024, with a 32% fall. At most retracements, the BTC price fell just 25% below the local high, suggesting that the volatility of this cycle is one of the lowest to date. This may reflect the fact that the launch of spot ETFs has opened a huge window of demand and that institutional investor interest is rising, with the vast majority of short-term holders running "underwater" relative to their cost price, but they are not suffering the extreme unrealized losses associated with market deterioration.