CryptoQuant analyst: Bitcoin bull market has entered a mature stage, and the peak may occur in October-November 2025

CryptoQuant analyst Axel Adler Jr. stated that 504 days have passed since Bitcoin's last halving, and compared to historical cycles, the market is currently in the mature stage of a bull market. When Bitcoin hit $70,000 in March of this year, its "Value Destroyed Days" (VDD) reached an extreme. Since then, despite two sell-offs at around $98,000 and $117,000, neither extreme has been reached. This staggered selling by long-term holders suggests a more sustainable redistribution process, with institutional demand playing a key role. Adler noted that the final peak still requires the triggering of a "peak flag," defined as the spot price reaching approximately 11 times the realized price for long-term holders. If accompanied by a large-scale sell-off by established holders and a sharp rise in short-term volatility followed by a decline, this window is expected to occur between October and November 2025.