Crypto research firm K33 has suggested that Bitcoin's recent low of around $60,000 in February may represent the cycle's maximum drawdown, despite a 6% retreat after testing its 200-day moving average near $82,000. K33's Research Director, Vetle Lunde, highlighted that the current market recovery, lasting 189 days, differs from past bear market rallies due to a slower rebound in leverage and risk appetite, indicating a mild correction rather than a sharp decline. Institutional capital flows reflect a defensive sentiment, with Q1 data showing a reduction of approximately 26,733 BTC by institutional investors, while retail investors increased their holdings by about 19,395 BTC. Notably, firms like Jane Street and Millennium led the selling. Additionally, Bitcoin ETFs experienced significant net outflows, suggesting investors are reducing risk exposure as BTC nears the ETF's average holding cost.