[Analyst: Bitcoin Has Lost Structural Bullish Momentum, Market in Risk-Averse State] BlockBeats News, May 24 – CryptoQuant analyst Axel Adler Jr stated in an article that Bitcoin has recently lost its structural bullish momentum, and the current market is closer to a 'risk-averse' phase. He pointed out that BTC's structural bullish momentum disappeared as the macro environment rapidly deteriorated, which is a significant signal. Until the 'Impulse' indicator returns above the zero axis, all current rebounds remain unconfirmed. Macro 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 macro environment enters 'overriding mode,' even strong on-chain data may temporarily lose its effectiveness. Additionally, 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 set in December 2024. The market should pay attention to the Coinbase Premium Index, which remains an important proxy indicator for measuring US spot demand. When this index stays above zero for an extended period, it indicates that US buying interest persists; if it falls into negative territory, even if BTC rises, it may lack genuine support from US capital. [Original Link]