According to online reports, online analysis company Glassnode disclosed data showing that although the sharp rise in Bitcoin prices in bull markets is usually accompanied by extreme selling pressure, as the market size expands, the severity of market retracements during each bull market rise gradually weakens. The deepest retracement this cycle occurred on August 5, 2024, with a drop of 32%. At most retracements, Bitcoin prices fell only 25% below local highs, indicating that the cycle has one of the lowest volatility to date. This may reflect the huge demand window opened up by the launch of spot ETFs and the growing interest of institutional investors, with the vast majority of short-term holders running "underwater" relative to their cost prices, but they have not suffered extreme unrealized losses related to market deterioration.