CryptoQuant's latest analysis indicates that the Bitcoin bull run has concluded, with the peak occurring in October 2025. The report draws on historical cycle patterns, technical indicators, and on-chain metrics, noting that Bitcoin's peak has historically occurred a month earlier in each cycle (December 2017, November 2021, October 2025). The analysis highlights that the 2025 bull run mirrored the 2021 cycle with two peaks and a mid-cycle correction. A breakdown below the 50SMA on the weekly chart is cited as a confirmation of the bull phase's end. On-chain metrics such as MVRV and NUPL have not shown significant signals, although the Long Term SOPR reached a warning level in July. The report emphasizes the importance of using multiple data points for analysis rather than relying on a single indicator.