On April 1st, Fidelity Digital Assets stated that Bitcoin has declined by approximately 50% in this market cycle, a much smaller drop compared to previous cycles, and this trend may continue over time.

Fidelity Digital Assets research analyst Zack Wainwright said on Tuesday that Bitcoin has historically experienced significant retracements after reaching all-time highs, typically around 80% to 90%, but in this cycle, the retracement is about 50%. Looking at Bitcoin's price performance from the perspective of the previous all-time high, a "diminishing returns" pattern can be observed between cycles. "The upward gains of each cycle are weaker than the previous one," he said, "by 2026, which is the current cycle, the downside risk is also reduced."