BlockBeats News, May 24th, CryptoQuant analyst Axel Adler Jr posted that Bitcoin has recently lost its structural bullish momentum, and the current market is closer to a "risk-off" stage. He pointed out that BTC's structural bullish momentum disappears when the macro environment rapidly deteriorates, which is a significant signal. Until the "Impulse" indicator returns above the zero axis, all current rebounds have not yet been confirmed.

Macro factors are currently re-dominating the market, including the US Dollar Index (DXY), 10-year Treasury yield, and VIX volatility index. He believes that when the macro environment enters a "dominant mode," even if on-chain data remains relatively strong, it may temporarily fail. In addition, the US spot Bitcoin ETF dashboard shows that the current ETF 30-day fund flow momentum is $362.8 million, significantly lower than the peak of $13.21 billion set in December 2024.

The market should pay attention to the Coinbase Premium Index, which remains a key proxy metric for measuring US spot demand. When this index remains consistently above zero, it indicates ongoing US buying pressure; if it falls into negative territory, even if BTC rises, it may lack genuine US fund support.