Bitcoin’s cycle amplitude is compressing on both sides: smaller bull-market advances are now being followed by shallower bear-market declines. The latest cycle is the clearest example. BTC fell 53% from its October 2025 peak to the June 2026 low, versus 84.5% in 2013–15, 83.8% in 2017–18, and 76.7% in 2021–22. At the same time, trough-to-peak gains have fallen from 112x to 21x to 8x across the last three cycles.