Bitcoin failed to rally after last week’s Fed rate cut, Cointelegraph reported, prompting reassessment of the current bull cycle. Alphractal founder Joao Wedson noted that on-chain metrics exhibit signs of cyclical exhaustion, with the SOPR drifting lower and the Sharpe ratio falling below 2024 levels — measurable signals that point to reduced risk-adjusted returns and an elevated chance of a deeper retracement. Those observable shifts suggest constrained near-term demand from large institutional investors, even if prices revisit prior highs, and indicate potential capital rotation toward altcoins for differentiated return opportunities. Market participants should foreground realized-profit indicators and volatility-adjusted performance when recalibrating exposure.