According to a report from CoinWorld, on August 4th, analyst Axel Adler Jr from CryptoQuant analyzed that the issue in the later stage of the bull run is the decline in investors' risk appetite. Data shows that in March and December 2024, this indicator broke through 1.9, but currently, the indicator is forming lower peaks, and holders are starting to actively sell, putting pressure on the market. Although investors are still taking profits, the marginal premium of cost basis brought by each new price rise is getting smaller. The analyst stated that considering the Fed is expected to have two interest rate cuts this year, it is anticipated that there will be two more rises in this cycle, after which selling pressure will exceed demand, and the market will enter an adjustment phase.