Despite the crypto market's current downturn, analysts at CryptoQuant insist that the market is still in a bull cycle. However, there are concerning signs that suggest a lack of bullish momentum. Bitcoin's whale demand growth is weak, and stablecoin liquidity is low, indicating a slow pace in price rallies.

The demand from large Bitcoin holders is growing at a slow rate of 4.8% monthly, far from the 6-10% seen in the first quarter of the year. Traders are also not buying Bitcoin at the moment, and stablecoin liquidity has slowed down significantly. Tether's market capitalization growth has decreased from $12.6 billion to $3.7 billion, indicating a lack of price surge.

Furthermore, demand from US investors for Bitcoin and Ethereum is weak, and spot Bitcoin exchange-traded funds have been on an outflow streak since June 13. The CryptoQuant Bull-Bear Market Cycle indicator is still trending downwards, signaling a bull market without much upward momentum.

In conclusion, while the crypto market is still in a bull cycle, the lack of bullish momentum and weak demand from investors are concerning signs. Bitcoin's price could decline further to $60,000, and the market needs higher stablecoin liquidity for prices to surge. Investors should be cautious and conduct thorough research before making any investment decisions.