Bitcoin’s bear markets are getting milder. Bull markets may be next
Bitcoin’s latest bear market was milder than past crashes as ETFs, institutional investors and a maturing market reshape its cycles.
Source: CoinDesk
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DW NOTE
Bitcoin fell 55% from its October 2025 peak — the mildest drawdown in its history. The argument is that ETFs and institutional rebalancing have tempered volatility. Perhaps. Or perhaps bitcoin is simply maturing into a garden-variety risk asset that rises when liquidity is abundant and falls when it isn't. The Fed just raised rates for the first time since 2023, oil supply is down 6% for the year, and the 10-year yield sits at 5.11%. If the bull runs are getting milder too, that's not stability — that's diminishing returns.