Analyst: Bitcoin has transitioned from the distribution phase to the accumulation phase, with selling pressure dropping to one-sixth of the cycle average

March 13 — CryptoQuant analyst Axel Adler Jr noted Wednesday that the Seller Risk Ratio (SRR) hasn’t flashed an active selling pressure signal since December 2024 (when Bitcoin traded around $107k). Currently, the indicator shows an accumulation signal, with network selling pressure now roughly 6x lower than this cycle’s average. The metric is still steadily declining and has returned to levels seen during the 2022-2023 bear market — when BTC traded between $16k and $20k. The current cycle has shifted from a distribution phase back into an ongoing accumulation phase. The 180-day rolling average SRR sits at 1,913, a level historically tied to bear market phases. Notably, that historical level corresponded to BTC prices of $16k-$20k, while today’s price ranges from $67k-$72k. The market is now neutral to slightly accumulative, Adler said. The main risk: Without new price catalysts, the market could enter a long-term consolidation period, which would push the rolling SRR indicator even lower.