[CryptoQuant: Market Enters Structural Adjustment Phase, Downside Risk Remains High] CryptoQuant analyst @AxelAdlerJr analyzed Bitcoin on-chain signal indicators and pointed out that the market has entered a deep adjustment phase, similar to the year-long situation in the previous cycle. The current Bitcoin drawdown from its historical high is -32%, placing it in the intermediate zone between a deep correction and market bottoming. If there is no improvement in macroeconomic conditions and on-chain signals, the likelihood of continued market decline remains high, and recovery may require time and a shift in internal sentiment.