ChainCatcher message, Bitfinex pointed out in its analysis report that Bitcoin experienced the largest pullback of this cycle before its recovery. Last week, Bitcoin saw a strong rebound, which allowed BTC to regain the key level of $60,000.Previously in August, BTC underwent a significant sell-off, with the price dropping 33.32% from the cycle high and all-time high of $73,666. This is the largest decline of this cycle. On-chain indicators also highlighted the intensity of the sell-off. The short-term holder realized price (STH cost basis) reflects the average purchase price of recent buyers, currently at $64,860.

ChainCatcher message, Glassnode stated on social media that historically, Bitcoin has shown exponential growth during bull market cycles, but each cycle has also experienced multiple significant declines. The current cycle has seen:Eight declines between 5%-20%;Two pullbacks between 20%-30%.

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on the X platform, stating that this cycle is different, with different sources of funds. Currently, spot Bitcoin ETFs account for a quarter of the total spot trading volume, which means that the newly entering funds are more mature than ever before. It is believed that there will be even more mature funds in the future. Mature funds usually have diamond hands, and there are still many institutional capitals waiting to enter this field, with channels now open for them.