[Analyst: Bitcoin Basis Returns to Neutral Range, Demand for Derivatives Long Positions Cools Down] BlockBeats News, February 15, CryptoQuant analyst @AxelAdlerJr stated in a post that Bitcoin's basis (7-day simple moving average) has fallen back to the neutral range as the premium between spot and futures prices has significantly narrowed. He pointed out that this change indicates a weakening demand for establishing long exposure through derivatives, and the market is no longer pricing in an aggressive 'risk-on' scenario. Typically, this suggests a decline in risk appetite, the start of a deleveraging process, and investors shifting to a wait-and-see mode. Axel Adler Jr believes that the derivatives market is currently unable to continue driving prices upward. For long positions to regain momentum, stronger support from spot buying is required.