According to Odaily Planet Daily, cryptocurrency investment firm XWIN Research Japan published an analysis on Cryptoquant, noting that while recent volatility has unnerved traders, on-chain data continues to suggest Bitcoin's bull run is not over. Bitcoin's recent pullback does not appear to be the end of the rally, but rather a period of market "digestion." While the market has cooled from its overheated state, investors are still enjoying healthy gains. Furthermore, Bitcoin's market value to realized value (MVRV) ratio has fallen to 2, potentially signaling a period of expansion after market consolidation, indicating that the current cycle has not yet reached its end.