The crypto asset's latest bear cycle saw a roughly 55% fall from its October 2025 peak, significantly less severe than previous cycles which often saw 75% or 80%+ drawdowns. Bitwise research head Ryan Rasmussen and Risk Dimensions CIO Mark Connors attribute this to the launch of spot ETFs and increasing institutional participation, which tend to lead to rebalancing and less extreme price swings. However, Schwab's Jim Ferraioli suggests Bitcoin's larger market capitalization, now around $2 trillion, is the primary factor, requiring more capital to move prices significantly.