During bull markets, bitcoin:native spends most of its time correcting or moving sideways. Drawdowns are completely natural during these phases. Over time, drawdowns during uptrends have tended to shrink, as has the depth of bear markets. In the 1st cycle, the most severe drawdown reached 93%, while the 2nd cycle was much less severe, with a drawdown of 35%. The 2021 cycle was a bit rougher, with a maximum drawdown of -53%. The last cycle was much easier to handle, with far smaller drawdowns that never exceeded 28%. Since the July 1 low, this new cycle has also seen its first drawdowns, with -7% recorded at the deepest point since that date. During uptrends, these drawdowns can be good opportunities to manage your exposure.