Analysis: BTC in late-stage bull market as futures outpace spot

The Bitcoin bull market is continuing but has entered its final phase, according to an analysis by CryptoQuant contributor Axel Adler Jr. He noted that BTC futures prices are consistently holding higher than spot prices, adding that a signal of an overheating basis appeared just before the last FOMC meeting. Adler described this premium as a phenomenon characteristic of a late-stage bull market. Under these conditions, he suggested there is a 70% probability of a gradual rise or sideways price movement over the next two weeks. Adler explained that as prices climb, rising open interest (OI) from new long positions could potentially push BTC to a new all-time high. This view is consistent with his previous analysis on Sept. 9, where he suggested the cycle peak could occur between October and November.