I noticed an interesting observation from Cathy Wood, founder of ARK Invest. She says that Bitcoin has already moved out of its teenage years and is entering a mature phase as a monetary system and asset class. This changes the entire logic of volatility.

Previously, when Bitcoin was still a new technology, crypto crashes could have been simply catastrophic — I remember those times when drops of 80-95% were normal. In 2021, Bitcoin fell about 80% from its peak of 69,000 to the level of 15,600. It was a tough time.

But Wood believes that era is behind us. In her opinion, even a 50% retracement in the future will be perceived as serious but not catastrophic. The market simply views such things differently now.

Looking at the current situation — the maximum drawdown in this cycle was about 38-40% from the peak of $126,000. That’s already much milder than before. Yes, there were days when the price fell, but the scale is completely different. The market really seems more stable, more mature.

This doesn’t mean that volatility has disappeared entirely — it’s still there. But the nature of the movements has changed. Bitcoin has transformed from a speculative asset into something more substantial, and this is reflected in price behavior. An interesting transition to observe.