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Analyst: Bitcoin Has Lost Structural Bullish Momentum, Market in Risk-Averse State

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On May 24, CryptoQuant analyst Axel Adler Jr stated that Bitcoin has recently lost its structural bullish momentum, and the current market is closer to a "risk-averse" phase. He pointed out that BTC's structural bullish momentum disappeared as the macro environment rapidly deteriorated, which is an important signal. Until the "Impulse" indicator returns above the zero axis, all current rebounds have yet to gain confirmation. Macro factors are currently re-dominating the market, including the U.S. Dollar Index (DXY), the 10-year U.S. Treasury yield, and the VIX volatility index. He believes that when the macro environment enters a "dominance mode," even if on-chain data remains relatively strong, it may temporarily lose its effectiveness. Additionally, the U.S. spot Bitcoin ETF dashboard shows that the current 30-day fund flow momentum for the ETF is $362.8 million, significantly lower than the peak of $13.21 billion reached in December 2024. The market should pay attention to the Coinbase premium index, which remains an important proxy for measuring U.S. spot demand. When this index stays above zero for an extended period, it indicates that U.S. buying is still present; if it falls into negative territory, even if BTC rises, it may lack genuine support from U.S. funds.
BTC-1.71%
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