BTC's maximum drawdown in this bear market is only 53%

Setting a record for the shallowest bear market drawdown in history
In previous bear markets, Bitcoin's drawdowns generally ranged from 77% to 93%
That range involved multiple actual halvings and re-halvings
The severity of the market conditions far exceeded this cycle
This data clearly points to two core changes
First, a large amount of institutional funds entered the market to support prices
Directly causing a systematic long-term decline in BTC's volatility
It is now difficult to see the kind of
extreme daily drops of over 20% that occurred in the past
Second, the underlying structure of the entire crypto market has fundamentally changed
The kind of deep bear market with completely dried-up liquidity from the past
will become increasingly harder to repeat in the future
However, shallow drawdowns should absolutely not be directly interpreted as bullish signals
A small drawdown does not mean that the downside space has been exhausted
It only indicates that during the price decline
there has always been absorbing capital entering the market to support prices
It is hard for bears to produce extreme deep drops in one go
In the future, it is likely that the market will use long periods of sideways grinding
to gradually complete the bear market's chip washing. $BTC