Bitcoin spot trading volume dominance on Coinbase has returned to levels seen before the introduction of spot ETFs. However, the CEO of CryptoQuant believes that this does not necessarily indicate the end of the current bull run. He suggests that we are currently in a "mid-cycle" period and expects further upside in the fourth quarter of this year. The CEO emphasizes the importance of U.S. demand rebounding for the continuation of the bull market. Factors such as macroeconomic conditions, wider adoption, and regulatory clarity are expected to drive this demand. It is noted that the market has not yet entered the retail-bubble phase, which typically occurs in later stages of a bull cycle.



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