Ulcer Index Indicates Declining Investor Pain in Bitcoin: ~40% Reduction Across Four Cycles The Ulcer Index goes beyond volatility or max drawdown by quantifying cumulative downside pain. Peak-to-Peak Cycles (14-day Ulcer Index): Cycle 1 (2011-2013): 59.0 Cycle 2 (2013-2017): 50.3 Cycle 3 (2017-2021): 48.0 Cycle 4 (2021-2025): 35.3 Even as Bitcoin's price has grown significantly , this measure of investor pain has declined consistently cycle after cycle.(Dr. Jan Wüstenfeld)