[Analyst: Crypto Market Remains in Structural Bearish Defensive State] BlockBeats News, April 17 — Crypto market analyst Axel released a report stating that since early 2026, capital has been continuously flowing out of the Bitcoin network, with realized market value consistently declining and the market value growth rate failing to turn positive. The current 30-day realized market value change remains negative (-0.32%), though it has narrowed compared to -0.54% at the beginning of April. Outflows have slowed, but a reversal has yet to be confirmed. Axel pointed out that as long as the growth differential remains negative, the market is still in a structural bearish defensive state. To achieve a bullish reversal, the inflow of fresh capital is required.