$BTC According to on-chain data, bitcoin (BTC) is entering in 2025 the possible final phase of the current bullish cycle. This is indicated by a new report shared by the data provider CryptoQuant, made by analyst Timo Oinonen.

The report states that the year 2022 represented a clear distribution cycle for bitcoin, which dragged its price into a period of crypto winter. Then, from 2023 to 2024, the market began a new accumulation cycle that, with the arrival of 2025, shows signs of reaching its peak.