Bitcoin’s rapid climb has paused after hitting an all-time high of $123,000, entering what Cryptoquant’s Institutional Insights report calls a “bullish cooldown” phase. The firm’s Bull Score Index slid from 80 to 60, signaling waning momentum while still holding within bullish territory.

Researchers pointed to weakening onchain trends fueling this slowdown. Stablecoin liquidity growth – a key gauge of fresh capital – has cooled, turning red on Cryptoquant’s dashboard. Network activity has tapered off, and BTC inflows to top exchanges like Coinbase have eased, hinting at softer short-term demand from investors.

Heavy profit-taking is also playing a role. Cryptoquant’s traders’ onchain profit margin signal flipped red, showing many participants have already locked in significant gains and now hold fewer unrealized profits. Coupled with the market’s typical summer lull, these factors are shaping the current consolidation period.

Source: Cryptoquant’s Institutional Insights report

Valuation gauges are now hovering near a pivotal bull-bear tipping point. The Bull-Bear Cycle Market Indicator, P&L Index, and MVRV Z-score all sit close to levels where any further price dip could push them into bearish territory. Should that happen, Cryptoquant analysts say the Bull Score Index could drop below 40 for the first time since April 2023.

For now, the firm describes the outlook as cautiously neutral. The overarching market cycle still leans bullish, but with profit-taking, slowing liquidity expansion – notably tether ( USDT) growth decelerating to $9.6 billion over 60 days – and softening momentum, prices could consolidate or pull back modestly.

Cryptoquant researchers note that this stage leaves the market exposed and in need of fresh bullish drivers to kick-start the next leg higher.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。