Data disclosed by on-chain analytics firm Glassnode shows that although a large price upswing in a bitcoin bull market is usually accompanied by extreme selling pressure, the severity of the market retracement gradually diminishes during each bull market rally as the market size expands. The deepest retracement of the cycle occurred on August 5, 2024, with a 32% decline. Most retracements were made when bitcoin prices fell just 25% below local highs, indicating that the volatility of this cycle is one of the lowest to date. This may reflect the huge demand window opened by the launch of spot ETFs and the growing interest of institutional investors, with the vast majority of short-term holders running "underwater" in terms of supply (in terms of coins) relative to their cost price, but not suffering the extreme unrealised losses associated with a deteriorating market.