According to Golden Finance, CryptoQuant analyst Crypto Dan said that the change in the proportion of Bitcoin trading volume in the 6 to 12-month cycle reflects the inflow of funds in this round and is closely related to the market trend. Typically, the first decline in this indicator marks the end of an early stage of a bull market, and then drops to a lower level again, it means the end of the bull cycle. Bitcoin reached a critical midpoint in March 2024 and is gradually approaching the peak of this bull market cycle.