Analyst: Bitcoin has transitioned from the distribution phase to the accumulation phase, with selling pressure reduced to one-sixth of the cycle average

CryptoQuant analyst Axel Adler Jr stated, "The last time the seller risk ratio showed active selling pressure signals was in December 2024 (around $107,000), after which the signal has remained off. Currently, the model shows accumulation signals, while the selling pressure on the network has decreased to about 6 times lower than the average level of this cycle. The indicator continues to decline and has replicated the levels seen during the 2022-2023 bear market, when Bitcoin prices were around $16,000-$20,000.

The current cycle has gone through a distribution phase and has re-entered the accumulation phase, which is still ongoing. The 180-day rolling average has dropped to 1,913, a level that historically corresponds to bear market phases, but at that time, the corresponding price was only $16,000-$20,000, while the current price is in the $67,000-$72,000 range. The current market state is neutral with a slight accumulation bias. The main risk is: if there is a lack of price catalysts, the market may enter a prolonged consolidation, in which case the rolling average SRR indicator will continue to decline."