Markets· ★★★· neutral· October 29, 23:37

Bitcoin down 34.8% 13 months after cycle peak, versus 70%+ in past cycles: Glassnode

—Drawdown at month 13: 34.8% versus 71.0% in 2013, 79.5% in 2017 and 74.6% in 2021
—The 34.8% figure is the decline at that date, not the cycle's maximum drawdown
—Glassnode warns the small sample and the double 2021 peak make comparisons sensitive to the reference point
—US spot bitcoin ETFs drew a net $67 million over two weeks amid low trading volumes

Why it matters: A shallower drawdown may signal a more mature market, but it does not by itself indicate where prices go next.