Market observers note that with each major cycle, Bitcoin’s drawdowns appear to be becoming less severe.

Historically:

• 2011–2015 cycles saw corrections of 80–90%+
• 2018 bear market peaked near ~84% drawdown
• 2022 decline was closer to ~75–77%
• Recent pullbacks have been materially shallower relative to prior cycle peaks

📈 Broader institutional participation

📊 Spot ETF integration

💰 Deeper liquidity pools

🏦 Reduced leverage extremes compared to early cycles

⏳ Market maturation

As market capitalization grows, volatility compression is a typical structural feature of maturing asset classes.

While peak-to-trough declines may be shrinking:

• Intracycle volatility remains high
• Liquidity shocks can still trigger sharp selloffs
• Macro conditions now play a larger role than in early retail-driven cycles

The key question: Is Bitcoin structurally stabilizing — or are we simply in a higher-liquidity phase of the same boom-bust dynamics?