TechFlow news, August 4 — According to analysis by CryptoQuant analyst Axel Adler Jr., the late-stage bull market issue lies in declining investor risk appetite. Data shows that this indicator surpassed 1.9 in March and December 2024, but is now forming lower peaks, with holders actively selling off holdings, putting pressure on the market. Although investors continue to take profits, each new price rally delivers a diminishing marginal premium to the cost basis.
The analyst stated that, considering the Federal Reserve is expected to cut interest rates twice this year, two more rallies are anticipated within this cycle before selling pressure outweighs demand, leading the market into a correction phase.
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