The severity of pullbacks in the Bitcoin market during bull cycles has decreased as the cryptocurrency market matures, according to on-chain analytics firm Glassnode. While historical bull markets have seen significant selling pressure, the current cycle has experienced decreasing volatility. The largest pullback in this cycle was a 32% drop on August 5, 2024, but most pullbacks only saw a 25% decline from local highs. This stability is attributed to factors such as the launch of spot Bitcoin exchange-traded funds (ETFs) and growing interest from institutional investors. Glassnode's analysis also shows that short-term Bitcoin holders are currently in a loss status, but not experiencing extreme losses, suggesting resilience due to confidence from market developments.



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