• Glassnode’s data show a significant change in Bitcoin’s behavior.
• Bitcoin’s ROI and volatility are lower than those of previous cycles.
• Lower drawdowns and volatility reflect Bitcoin’s evolution into a more stable asset class.

Data from Glassnode, a financial metrics and analysis platform, shows a significant change in Bitcoin’s behavior in the current market compared to previous bull cycles. Glassnode’s post sheds light on how Bitcoin’s ROI, return on investment, since the cycle low of the last bear market compares with the previous cycles.

According to Glassnode’s data, Bitcoin had a 5.90x ROI between 2015 and 2018, gaining nearly six times its initial price during the 2017-2018 bull cycle. The flagship crypto returned a higher profit during the following bull run, rising by 10.47x from its lowest level between 2018 and 2022.

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However, Bitcoin’s post-2022 cycle has seen a 2.98x ROI, a 29.94% deficit from the average of the previous two cycles. It is worth noting that the Bitcoin market has shown reduced volatility during market corrections in the current cycle.

Bitcoin’s Volatility Decreases

Glassnode’s data shows that Bitcoin’s average drawdown post-2022 is -7.96%, against the overall 16.24% from the previous cycles. The maximum drawdown Bitcoin has experienced after 2022 is 26.25%, significantly lower than the 71.15% pullback it experienced between 2011 and 2013.

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Glassnode analysts believe the lower ROI, reduction in volatility, and fading drawdown highlight Bitcoin’s development into a larger, more stable asset class. They say Bitcoin has shown significant resilience. That suggests Bitcoin is becoming a more stable monetary entity with a lower risk of extended unexpected volatility.

Bitcoin was trading for $98,410 at the time of writing, remaining within the sideways range between $92,092 and the $103,647 all-time high. The flagship crypto showed reduced volatility despite heightened expectations from analysts who predicted a more significant drop after BTC crossed above $100,000.