CryptoQuant analyst Axel Adler Jr shared insights on the current state of the cryptocurrency exchange (CEX) market. Adler Jr pointed out that after filtering out noise and focusing on trading volume, the market seems to have entered a "holding mode," indicating that the market is cooling down. The active pressure rating is 9, which is considered a low level, indicating reduced trading activity. The current average total trading volume (including inflows and outflows) is 70,000 units, a significant decrease from the peak of 266,000 units in March 2024. The net flow 30-day Z score is -0.7, slightly leaning towards a buying trend relative to the annual baseline. This indicates that all currencies entering the exchanges are being purchased, and reserves are being depleted to meet demand.