PlanB, known for the Stock-to-Flow model, asserts that Bitcoin has not yet reached its peak in 2025. According to on-chain metrics, including the realized price and MVRV Z-Score, the market is not showing signs of overheating. Currently, Bitcoin's realized price stands at $55,200, while the spot price is $111,000. The analysis suggests that institutional adoption and ETF inflows are contributing to a more stable and mature market environment, supporting the notion that Bitcoin's cycle peak is still ahead.