The extreme volatility of Bitcoin is often criticized for its strong speculative nature, but this cycle has shown significant differences:

1️⃣ 2011-2013 cycle: Average drawdown of 19.19%, maximum drop of -49.45%

2️⃣ 2015-2017 cycle: Average drawdown of 11.49%, maximum drawdown of -36.01%

3️⃣ 2018-2021 cycle: Average drawdown of 20.41%, deepest drop reaching -62.62%

The maximum drawdown in the current cycle is 26.62%, and the overall volatility has noticeably narrowed. The deep involvement of institutional capital and the gradual improvement of the market have made Bitcoin no longer a playground for retail investors, but rather an allocation item for pension funds and publicly listed companies.