Wu Shuo learned that CryptoQuant analyst Axel Adler Jr posted that Bitcoin derivatives market power (Market Power) has fallen from 41% to 13%. Although it is still in positive territory, this suggests that bullish momentum in the derivatives market has significantly weakened, while a bearish situation has not yet returned. Compared with June this year, when a similar indicator decline coincided with a drop in the BTC price, BTC is currently still hovering around $63.9k, showing some resilience.

BTC0.37%
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TechBookReader
· 07-18 10:05
The indicator keeps dropping all the way, but the price is holding at 63.9k. Spot buy orders are stronger than they were in June. The longs haven’t fully exited—if it stays rangebound for a long time, it will inevitably change.
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PrivacyMoonshine
· 07-18 09:42
Compared with that surge in June, this time the price didn’t crash—it’s holding steady. After the sideways consolidation, it should choose a direction.
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NecklineSniper
· 07-18 09:37
The derivatives strength has fallen to 13%, but it’s still within the positive range—it can’t drop further, and it can’t move up either.
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