PANews reported on June 14 that CryptoQuant analyst Axel Adler Jr. wrote that the market was significantly affected by SpaceX's large-scale IPO this week. Although the overall "Risk On/Off" indicator is still in the red (risk deviation) range, the issuance was successfully digested by the market and has eased policy pressure to some extent in terms of sentiment.

He pointed out that, driven by related narratives, SpaceX's current market capitalization once exceeded that of Bitcoin, raising concerns about cross-asset risks.

For Bitcoin, this week is in a recovery phase after falling from a low of $60,000, but structural selling pressure remains. Data shows that exchanges saw a net outflow of approximately -20.9K BTC this week, indicating that the persistent selling pressure has not yet fully subsided.

At the same time, the short-term market rebound was mainly driven by short covering, with short positions accumulated over the past month being liquidated in a concentrated manner, forming a phase of price support.

In addition, pressure on miners is beginning to emerge, and overall risk appetite has not yet turned positive. The market is in a transitional state of "recovery and deleveraging in parallel".