[CryptoQuant Analyst: Bitcoin Derivatives Market Bullish Momentum Drops Significantly, But Market Has Not Fully Turned Bearish] According to a report by Jinse Finance, CryptoQuant analyst Axel Adler stated that the bullish momentum in the Bitcoin derivatives market has recently weakened significantly, but the market has not yet fully shifted to bearish sentiment. Data shows that the Bitcoin Derivative Market Power indicator has dropped sharply from 41% to 13%, indicating a notable decline in the momentum driving the derivatives market upward. However, since the indicator remains above zero, the market has not entered a clear bearish phase. A similar decline in derivatives market power occurred in June, which was accompanied by a pullback in BTC prices. The current situation differs in that Bitcoin's price is still holding around $63,900, suggesting relatively stronger market support. Axel Adler believes that the market should pay attention to changes in derivatives fund flows. If the indicator further falls into negative territory, it could signal that bearish forces are regaining dominance. Conversely, if the price remains stable despite the decline in bullish momentum, it may reflect that spot demand is still supporting the market.