[CryptoQuant: Crypto Market Cycle Slows Down, Upward Trend Expected in Fall 2025] CryptoQuant analyst Crypto Dan stated that the cryptocurrency market cycle is slowing down, with an upward trend anticipated in the fall of 2025. Based on the proportion of Bitcoin held for over a year (calculated using realized market capitalization), past cycles (Phase 1 and Phase 2) showed significant surges and peaks. However, in the current phase (Phase 3), the slope of the upward trend is gradually flattening, and the cycle is becoming longer.