PANews reported on May 24th that CryptoQuant analyst Axel Adler Jr. pointed out that Bitcoin's structural bullish momentum has disappeared as the macroeconomic environment deteriorates sharply, and the market has entered a risk-averse mode. A BTC rebound requires momentum to return to positive territory. He also stated that a macroeconomic analysis framework based on the US dollar index, US Treasury yields, and the VIX emphasizes that when a macroeconomic "coverage mode" is activated, even if on-chain fundamentals are good, the market will temporarily weaken.

In addition, data from the US spot Bitcoin ETF dashboard shows that the current ETF fund flow is $362.8 million, far below the peak of $13.21 billion in December 2024, but higher than the trough of $5.36 billion in November 2025, indicating that the market is in a phase of moderate accumulation.

The report highlights the need to pay attention to the Coinbase Premium Index—a consistently positive index confirms strong US spot demand, while a negative index reduces the reliability of BTC price increases. The current market structure is diverging, and new constraints are emerging, requiring analysis of price support and downward pressure sources across seven dimensions.