Bitcoin researcher Axel Adler Jr., in his analysis of the latest developments in the cryptocurrency market, stated that the current bull cycle is on solid foundations and the market is becoming more mature. Adler Jr. stated that since the bull cycle that started in November 2022, Bitcoin has experienced only two deep corrections: He said that after these pullbacks exceeding 30% in August 2024 and April 2025, prices quickly recovered and reached new highs. The pullbacks in all other periods remained in the 10-20% range, functioning as a classic “shake-out” and did not disrupt the uptrend. Adler Jr. stated that the weekly simple moving average (SMA)-based decline is currently only at -7%, while the current pullback is limited to -4.7%, indicating a calm consolidation process in the $100-106,000 range. Adler Jr. stated that the “deep correction-accumulation-new rise” cycle that repeats itself in the market is also evident in this bull market and that the retracements are gradually narrowing and this is a strong signal of market maturity. He said that unless there is a serious negative news flow, the strong support at $96,000 will continue to drive the bull trend and new all-time highs (ATH) can be seen. Another important data that Adler Jr. drew attention to was the BTC flows on centralized exchanges (CEX). The daily average total flow (input + output) volume decreased to 40,000 BTC, reaching the lowest level in the last 10 years. This indicates that investors tend to withdraw their BTC from exchanges and hold them for the long term, indicating a potential liquidity shortage in the market. The weekly net flow remains negative at –4,300 BTC, indicating that the amount of coins deposited is lagging behind the amount withdrawn. However, the 30-day average inflow/outflow is comparable to the end of 2023 and the beginning of the bull market. Adler Jr. noted that this data shows that demand for Bitcoin is still strong. *This is not investment advice.