Analysts: Bitcoin has lost its structural bullish momentum, and the market is in a risk-averse state.

According to Mars Finance, on May 24th, CryptoQuant analyst Axel Adler Jr. published an article stating that Bitcoin has recently lost its structural bullish momentum, and the current market is closer to a "risk aversion" phase. He pointed out that the disappearance of BTC's structural bullish momentum during a rapidly deteriorating macroeconomic environment is a significant signal. All current rallies are not yet confirmed until the "Impulse" indicator returns above the zero line. Macroeconomic factors are currently dominating the market again, including the US Dollar Index (DXY), the 10-year US Treasury yield, and the VIX volatility index. He believes that when the macroeconomic environment enters "overriding mode," even if on-chain data remains strong, it may temporarily become ineffective. Furthermore, the US spot Bitcoin ETF dashboard shows that the current 30-day ETF fund flow momentum is $362.8 million, far below the peak of $13.21 billion reached in December 2024. The market should pay attention to the Coinbase premium index, which remains an important proxy indicator for US spot demand. When the index remains above zero for an extended period, it indicates that US buying pressure is still present; if it falls into negative territory, even if BTC rises, it may lack genuine US financial support.