While the leading cryptocurrency Bitcoin (BTC) is running from record to record in 2025, altcoins, especially Ethereum (ETH), are far from their previous ATHs. While expectations for a continued bull rally continue in the market, some analysts argue that the bull market may be over and altcoins will not experience the expected explosive rally. Speaking to Coindesk, Matteo Greco, an analyst at digital asset management company Fineqia, said that the cryptocurrency market is in the late cycle phase and the peak has not yet been reached. Stating that Bitcoin reserves on exchanges continue to decrease, Greco said that altcoin reserves such as Ethereum and XRP have stabilized. Analyzing stablecoin reserves as well as Bitcoin and altcoin reserves, the analyst stated that stablecoin reserves are at their highest levels in many years. At this point, the analyst noted that the reserve situation may be that investors are preparing to invest new capital and rise rather than exit the market. Greco also revealed that BTC’s market cap-to-realized value (MVRV) ratio is around 2.2, which is well below the historical peak of 3.7. According to the analyst, this MVRV level indicates that the market is in the late cycle phase and has not yet reached its peak. Crypto exchange Bitunix analysts also evaluated Bitcoin. At this point, exchange analysts said that BTC's short-term support level is $ 105,000. If BTC holds above this level, the price may continue to rise. *This is not investment advice.