Аналитик предсказывает завершение бычьей фазы биткоина с учетом текущей отчетности и рыночных условий Translation: Analyst predicts the end of Bitcoins bull phase considering current earnings reports and market conditions

The first cryptocurrency and the S&P 500 index are currently in the «late stage of a bullish phase,» according to analyst Axel Adler Jr.

His analysis suggests that the market remains in a risk-on mode, with the annual return for the S&P 500 at +13%.

There is a correlation of 0.26 between Bitcoin and the S&P 500 index, indicating a weak yet positive relationship; the leading cryptocurrency often mirrors the movements of the stock market, although it does not rely on it entirely.

The analyst emphasized that the S&P 500 is sensitive to macroeconomic and political developments, meaning that any cooling in this index could quickly affect the value of Bitcoin.

In the fourth quarter of 2025, Adler Jr. predicts a shift in focus towards corporate earnings. Following two years of growth, the market will assess actual results.

Currently, the earnings season for the third quarter is in full swing. Of the 58 companies that have reported so far, all have exceeded expectations. The anticipated profit growth has risen from 7% to 8%. Adler Jr. noted that this scenario is typical for the final phase of a bullish market.

Over the past 30 days, large holders of Bitcoin have transferred assets worth $5.56 billion to the Binance exchange, according to analyst Maartunn from CryptoQuant.

This expert has been monitoring the Whale Flow to Binance metric, which tracks transactions exceeding 1,000 BTC. The indicator points to an influx of assets from whales, which can potentially impact the price of digital gold.

A significant spike in this metric occurred on October 21, when Bitcoin worth a total of $1.07 billion was transferred to the exchange. The analyst highlighted several large transactions during this time.

Following these transfers, Bitcoin’s price rose from $108,000 to $113,000 before correcting back to $108,000.

Glassnode analysts have reported a decrease in speculative activity in the market. According to them, recent cryptocurrency buyers are experiencing «financial stress,» which signals a cooling market.

Experts refer to the metric of unrealized profits and losses for short-term holders. The current figures reflect increasing pressure on this group of investors.

Glassnode noted that historically, periods of «pain» for speculators have coincided with the emergence of healthier market conditions. A reduction in excessive speculation may lead to price stabilization, the specialists concluded.

Furthermore, contributors from CryptoQuant at ShayanMarkets reported that the MVRV ratio for Bitcoin has dropped below the 365-day simple moving average, indicating a local minimum.