🔥 Analyst: The crypto market remains in a structural bear market defense state


On April 17, crypto market analyst Axel released a report stating that since early 2026, capital has continuously flowed out of the Bitcoin network, leading to a sustained decline in market capitalization, with the growth rate of market cap never turning positive. The 30-day realized market cap change is still negative (-0.32%), but it has narrowed from -0.54% at the beginning of April, indicating a slowdown in outflows, though a reversal has not yet been confirmed. Axel pointed out that as long as the growth differential remains negative, the market is still in a structural bear market defense state, and a bullish reversal requires the return of fresh capital inflows.
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