The recent bitcoin sell-off has traders anxious, but a new market observation from CryptoQuant suggests the panic may be overblown. According to a CryptoQuant market note, Bitcoin is trading 51% below its all-time high, a drawdown that is far milder than the typical corrections seen in previous market cycles. In prior bear markets, bitcoin routinely shed 70% to 80% of its value from peak levels, making the current retreat look relatively shallow by historical standards.