8 月 29 日，CryptoQuant 分析师 Crypto Dan 表示，加密货币市场周期放缓，预计 2025 年秋季将迎来上升趋势。从持有超过一年的比特币比例（基于已实现市值）来看，过去的周期（第一阶段和第二阶段）显示，市场大幅飙升并达到顶峰。
然而，在当前阶段（第三阶段），上升趋势的斜率正在逐渐趋于平缓，周期也变得更长。

<div><p>8 月 29 日，CryptoQuant 分析师 Crypto Dan 表示，加密货币市场周期放缓，预计 2025 年秋季将迎来上升趋势。从持有超过一年的比特币比例（基于已实现市值）来看，过去的周期（第一阶段和第二阶段）显示，市场大幅飙升并达到顶峰。</p><p>然而，在当前阶段（第三阶段），上升趋势的斜率正在逐渐趋于平缓，周期也变得更长。</p></div>

CryptoQuant分析师：加密市场周期放缓，预计2025年秋季将出现上升趋势

On August 29th, CryptoQuant analyst Crypto Dan stated that the cryptocurrency market cycle is slowing, with an upward trend expected in the fall of 2025. Looking at the percentage of Bitcoin held for more than a year (based on realized market capitalization), past cycles (Phase 1 and Phase 2) show significant market surges and peaks.

However, in the current phase (Phase 3), the upward trend is gradually flattening, and the cycles are becoming longer.

<div><p>On August 29, CryptoQuant analyst Crypto Dan stated that the cryptocurrency market cycle is slowing down and is expected to enter an upward trend in the fall of 2025. Judging from the proportion of Bitcoin held for more than one year (based on realized market capitalization), past cycles (Phase I and Phase II) show that the market has surged and peaked.</p><p> However, in the current stage (stage 3), the slope of the upward trend is gradually flattening and the cycle is becoming longer.</p></div>

CryptoQuant analyst: The crypto market cycle is slowing down and an upward trend is expected in the fall of 2025

Over the past six months, I've gone from being an observer of Web3 to entering the payment industry. Now, I've chosen to stop and cease working on Web3 payments.

This isn't a retreat after a failure, but rather a judgment and adjustment made after truly getting involved. In these past six months, I've traveled to Yiwu, Shuibei, Putian, and even Mexico, seeing how payments are actually implemented in the most prominent places mentioned in reports. I've also been involved, building a Web3 payment MVP, taking over accounts, developing Web3 payment tools, and trying to run my imagined path from the first step to the last.

But the further I went…

An entrepreneur's account: From beginning to end, why I stopped developing Web3 payments.

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A bearish scenario...

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