Analysts: The crypto market remains in a structural bear market defensive posture.

According to Mars Finance, on April 17th, crypto market analyst Axel released a report stating that since the beginning of 2026, capital has been continuously flowing out of the Bitcoin network, resulting in a sustained decline in market capitalization, with the market capitalization growth rate consistently failing to turn positive. Currently, the 30-day realized market capitalization change is still negative (-0.32%), but this is a narrowing from the -0.54% in early April. The outflow has slowed, but a reversal has not yet been confirmed. Axel points out that as long as the growth difference is negative, the market remains in a structural bear market defensive state, and a bullish reversal requires a return of fresh capital inflows.