Analysis shows that Bitcoin sellers have failed to trigger a correction in the market, with drawdowns staying below 20% in the current cycle. Despite reaching all-time highs near $74,000, Bitcoin has only experienced minor corrections, contrasting the significant pullbacks seen in previous bull markets. The introduction of US spot Bitcoin exchange-traded funds (ETFs) in 2024 has led to a shift in market dynamics, with over 500,000 BTC acquired since their launch in January. While ETF inflows have been impressive, some caution that Bitcoin's price would likely be lower without ETF support. Balchunas, a senior ETF analyst at Bloomberg Intelligence, also noted the possibility of net withdrawals in ETF products, a typical investor behavior.