On-chain analytics firm Glassnode reports that Bitcoin's current bear market is experiencing significantly smaller unrealized losses than previous cycles. The firm's analysis of Bitcoin's Relative Unrealized Loss (RUL) indicates that the peak unrealized losses during this cycle have been materially lower, suggesting a shallower sell-off. In February, the RUL spiked to 25% during a price plunge, but has since retreated to around 8% following a partial recovery. Glassnode notes that the current RUL peak is lower than those seen in past bear markets, implying either an incomplete drawdown or a different cycle behavior. Additionally, the 30-day change in Bitcoin's Realized Cap shows capital returning to the network, though with less conviction than in previous cycles. Bitcoin's price remains around $81,300, leaving uncertainty about whether this bear market will deepen or remain unusually shallow.