CryptoQuant: Bitcoin bull market enters mature phase, peak may occur in October-November

According to CryptoQuant analyst Axel Adler Jr., 504 days have passed since the last Bitcoin halving, and the market is currently in a mature bull market phase. This cycle saw an extreme Value Destroyed Daily (VDD) peak at $70,000 in March, followed by two intermediate distribution waves near $98,000 and $117,000, but falling short of the extreme levels seen in March. This segmented selling by long-term holders (LTHs) suggests a more sustainable market redistribution driven by institutional demand. The final determination of the cycle's peak will require the emergence of the "peak flag" indicator, which typically triggers when the spot price is approximately 11 times the price realized by long-term holders, potentially as early as October-November 2025. At the same time, attention should be paid to the emergence of large-scale spending waves by experienced holders and short-term volatility spikes.