The report indicates that during this retreat, BTC’s maximum drawdown from its peak was 23%, which is lower than its historical range. This overall decrease in drawdown is expected to continue, partially due to the legitimization of BTC as a macro asset.
Furthermore, in the first quarter of 2024, the average daily spot trading volume of CEX was $18.8 billion, more than eight times higher than the daily trading volume of $2.3 billion for the same period in US Exchange Traded Funds (ETFs). This demonstrates that the price discovery of Bitcoin is still rooted in global demand trends.
