[CryptoQuant Analyst: Bullish Demand Cools Down, Funds Enter Wait-and-See Mode] Deep Tide TechFlow reports, on February 15, CryptoQuant analyst Axel Adler Jr analyzed that Bitcoin's basis (7-day moving average) has fallen back to the neutral range, primarily due to the rapid narrowing of the spot and futures premium. This indicates that the demand for establishing long positions through derivatives is weakening, and the market is no longer pricing in an aggressive 'risk-on' sentiment. Generally, this structural change suggests a decline in risk appetite, accelerated market deleveraging, and funds entering a wait-and-see mode.