According to PANews, CryptoQuant analyst Axel Adler Jr. has observed that 504 days have passed since the last Bitcoin halving, indicating the market is in a mature bull phase. During this cycle, Bitcoin's price reached an extreme Value Days Destroyed (VDD) peak at $70,000 in March. Subsequent moderate distribution waves occurred around $98,000 and $117,000, though they did not reach the March peak levels. This segmented selling behavior by long-term holders (LTH) suggests a more sustainable market redistribution driven by institutional demand.
The final assessment of the cycle's peak requires the emergence of the 'peak flag' indicator, typically triggered when the spot price is approximately 11 times the realized price for long-term holders. This indicator is expected to appear as early as October to November 2025. Additionally, attention should be paid to large-scale spending waves by experienced holders and the emergence of short-term volatility peaks.