PANews reported on February 15th that CryptoQuant analyst Axel Adler Jr. stated that the 7-day moving average of the BTC Basis (spot-futures premium) has returned to neutral territory, and the spot-futures premium has fallen significantly. This indicates weakened demand for long positions through derivatives, and the market is no longer reflecting aggressive risk appetite. Typically, this foreshadows declining risk appetite, deleveraging, and a market shift towards a wait-and-see approach. If bulls wish to push prices higher, they will need more spot buying support, as derivatives are currently not driving the market higher.