Analyst: Bitcoin Has Lost Structural Bullish Momentum, Market in Risk-Off Mode

May 24: CryptoQuant analyst Axel Adler Jr. highlighted that Bitcoin has recently lost its structural bullish momentum, with the current market shifting toward a "risk-off" stage. He pointed out that BTC’s structural bullish momentum typically fades when the macro environment deteriorates rapidly—a major warning sign. Until the "Impulse" indicator climbs back above the zero line, all current BTC rebounds remain unconfirmed. Right now, macro factors are dominating the market: the U.S. Dollar Index (DXY), 10-year Treasury yields, and the VIX volatility index are leading the charge. Adler noted that when the macro environment enters this "dominant mode," even relatively strong on-chain data can underperform temporarily. Additionally, data from the U.S. spot Bitcoin ETF dashboard shows 30-day fund flow momentum for these ETFs is at $362.8 million, a massive drop from the $13.21 billion peak set back in December 2024. Traders should keep a close watch on the Coinbase Premium Index—it’s still a key metric for measuring U.S. spot demand. If this index stays consistently above zero, it signals ongoing buying pressure from U.S. investors. If it falls into negative territory, even if BTC is climbing, the rally may lack genuine U.S. capital support.