Bitcoin's current bear market is exhibiting stronger resilience compared to previous cycles, according to Bitcoin Bond Company CEO Pierre Rochard. Unlike past cycles with drawdowns of up to 85% in 2013–2015 and nearly 77% in 2017–2018 and 2021–2022, the current cycle has seen a maximum drawdown of only about 52%, from a peak of $126,000 to around $60,000. Rochard attributes this resilience to significant institutional demand, including over $59 billion in net inflows into spot Bitcoin ETFs and substantial corporate treasury purchases. Michaël van de Poppe, founder of MN Capital, highlighted that the market environment has evolved since 2022, with expectations of Bitcoin forming a bear flag and bottoming out in October 2026 being a prevalent trade thesis. These new demand drivers were not present in previous bear markets, suggesting a shift in market dynamics.