Last week's Federal Reserve interest rate cut was seen as a significant positive catalyst for Bitcoin's rise, but the market didn't respond, suggesting the end of Bitcoin's bull cycle may be nearing. Joao Wedson, founder of Alphractal, wrote on X on Monday, "Bitcoin is already showing signs of cycle exhaustion, but few are paying attention." Multiple online signals suggest Bitcoin's rally may have lost momentum. Bitcoin's Spent Output Profitability Ratio (SOPR), a measure of the overall profitability of all spent Bitcoin transactions on the blockchain, indicates declining profitability, increasing the likelihood of a deeper correction. The Sharpe ratio is below 2024 levels, implying a reduction in risk-reward and profit potential. Wedson added, "This won't attract the large institutional investor base that most people believe it will. Even if Bitcoin reaches new highs, profitability will remain low, and the real focus will shift to altcoins." (Cointelegraph)