Analyst Benjamin Cohen pointed out that as the macroeconomic environment tightens, Bitcoin is showing signs of the late stage of the cycle, with a key indicator continuously declining since 2021. He believes the market is in a mature phase, with funds shifting from risk assets to defensive assets like gold, which explains the poor performance of altcoins. Unlike previous exuberant peaks, the current cycle's top seems to be driven by market apathy, with waning social interest and weak market breadth. Cohen noted that tightening liquidity and a cooling labor market are warning signs, indicating limited upside for risk assets before a potential recession triggers the next cycle.