“We’re not seeing structural euphoria in the market right now, which means there is still room for fresh growth impulses—provided that buyer demand remains steady,” CryptoQuant stated in its commentary. The data suggest that smaller market participants, who historically drive price surges during parabolic advances, are currently sitting on the sidelines.

CryptoQuant’s experts note that retail traders might still be active via Bitcoin ETFs or other products, but on-chain metrics continue to provide a comprehensive view of real-time capital flows. The muted participation of smaller investors is typically a hallmark of the market’s early or mid-phase, rather than a late-stage bubble.

However, analysts caution that the next phase of market growth will depend heavily on external catalysts and the behavior of major investors. Large market players often determine direction in periods of low retail enthusiasm, amplifying trends once new momentum emerges.

Earlier, CryptoQuant indicated that altcoins may have room for substantial appreciation in the final stage of the current Bitcoin cycle—a scenario that could unfold if broader euphoria finally takes hold.