ChainThink report, March 13: CryptoQuant analyst Axel Adler Jr. posted that "the seller risk ratio last showed active selling pressure around December 2024 (approximately $107,000), after which this signal has remained inactive. Currently, the model indicates accumulation signals, while selling pressure on the network has dropped to about one-sixth of the current cycle's average. This metric continues to decline and is retesting levels seen during the 2022–2023 bear market period—when Bitcoin prices were in the range of $16,000–$20,000."

The current cycle has already passed through a distribution phase and has re-entered an accumulation phase, which remains ongoing. The 180-day rolling mean has declined to 1,913—a level historically associated with bear markets, yet at that time the corresponding price was only $16,000–$20,000, whereas the current price stands in the $67,000–$72,000 range. The market is currently neutral-to-accumulation. The primary risk lies in the absence of price catalysts, which could lead to prolonged consolidation; in such a scenario, the rolling SRR indicator would continue to decline.