Bitcoin has been on a downtrend since June, but CryptoQuant CEO Ki Young Ju believes it's still "mid-cycle." He noted that BTC Coinbase spot volume dominance is at early 2024 levels, indicating a lack of U.S. investor activity needed to push Bitcoin higher.

On-chain data supports this view. The UTXO age bands show profit-taking behavior, with peaks and troughs appearing between cycle tops, suggesting holders believe a top is near. This pattern hints at accumulation before April 2024's halving, indicating the cycle top may be a year away.

The Puell Multiple, reflecting miner profit-taking, also peaked in March 2024, further suggesting Bitcoin's current cycle is only halfway through.