PANews reported on September 9th that CryptoQuant analyst Axel Adler Jr. stated that 504 days have passed since the last Bitcoin halving, and the market is currently in a mature bull market phase. During this cycle, Bitcoin experienced an extreme Value Destroyed Daily (VDD) peak at $70,000 in March, followed by two intermediate distribution waves around $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 peak will require the emergence of the "peak flag" indicator, which is typically triggered when the spot price is approximately 11 times the price realized by long-term holders. This indicator is expected to occur as early as October-November 2025. At the same time, attention should be paid to the emergence of a large-scale spending wave by experienced holders and a short-term volatility peak.PANews reported on September 9th that CryptoQuant analyst Axel Adler Jr. stated that 504 days have passed since the last Bitcoin halving, and the market is currently in a mature bull market phase. During this cycle, Bitcoin experienced an extreme Value Destroyed Daily (VDD) peak at $70,000 in March, followed by two intermediate distribution waves around $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 peak will require the emergence of the "peak flag" indicator, which is typically triggered when the spot price is approximately 11 times the price realized by long-term holders. This indicator is expected to occur as early as October-November 2025. At the same time, attention should be paid to the emergence of a large-scale spending wave by experienced holders and a short-term volatility peak.