according to CryptoQuant analyst Axel Adler Jr, the problem in the late stage of the bull market is the decline in investors' risk appetite. Data shows that this indicator broke through 1.9 in March and December 2024, but currently the indicator is forming lower peaks, holders are starting to actively sell, putting pressure on the market. Although investors are still taking profits, the marginal premium on each new price increase is getting smaller and smaller.

The analyst said that considering the Federal Reserve is expected to cut interest rates twice this year, it is expected that there will be two more increases in this round of the cycle, after which selling pressure will exceed demand and the market will enter an adjustment phase.