Wu says that, according to CryptoQuant analysts, BTC may be entering the most frustrating phase of its cycle. Price action is often dominated by short-term fluctuations, while the broader market remains sideways, creating a psychologically exhausting environment for participants. This often leads investors to lose interest, reduce their exposure, or simply exit the market. Additionally, the long-term holder SOPR is beginning to show signs that long-term investors are also experiencing losses.