Galaxy’s Head of Research, Alex Thorn, reports that the current Bitcoin cycle is significantly weaker than the 2012, 2016, and 2020 halving cycles. While previous cycles saw gains ranging from 761% to over 9,000%, the peak reached in October 2025 ($125,000) was only 97% above the April 2024 halving price. This "muted" performance is accompanied by record-low volatility, with the 30-day volatility index sitting at 1.75%—far below the 9.64% seen in 2020. Analysts suggest the "pre-halving" all-time high in March 2024, driven by ETF approvals, may have pulled the rally forward and flattened the traditional four-year curve.