According to online reports, according to CryptoQuant analyst Axel Adler Jr, the problem in the later stages of the bull market is the decline in investors 'risk appetite. Data shows that the indicator exceeded 1.9 in March and December 2024, but the indicator is currently forming a low peak, and currency holders have begun to actively sell, putting pressure on the market. Although investors are still taking profits, the marginal premium on the cost base is getting smaller and smaller with each new price increase. Analysts said that considering that the Federal Reserve is expected to cut interest rates twice this year, it is expected that there will be two more rises in the current cycle, after which selling pressure will exceed demand and the market will enter a period of adjustment.