Bitcoin's price has been hovering around $70,000 since February, well below the $126,000 peak of the 2023-2025 bull run. This is a sign that the market has matured and the days of parabolic rallies are over, suggesting that the era of runaway, outsized gains is behind us. The current retrace is unusual as there have been no extreme catalysts in this case. This slowdown is due to the increasing cost of bitcoin and the growth of the derivatives market. As bitcoin becomes more expensive, moving prices higher requires larger sums of capital. The days when large inflows could trigger massive rallies are now more predictable, making the next uptrend more measured and less frenzied.