BTC Down 50% From $126K Peak, Cryptoquant: Bull Cycle Top May Not Have Arrived

According to ChainCatcher, Cryptoquant's 365-day PnL indicator shows Bitcoin trading around $62,656, down approximately 50% from October 2025's peak of $126,000, with the metric's continued decline signaling the current bull cycle may not have reached its top.

Cryptoquant's bull-bear cycle indicator turned green on May 12, marking the first bullish signal since March 2023. A whale purchased $98.9 million worth of BTC at the June 5 low of $59,734 and captured $3.5 million in profit within two days as the market rebounded.