[CryptoQuant Analyst: Bitcoin Has Entered a Risk-Off Phase, ETF Demand Momentum Far Below Last Year's Peak] Odaily Planet Daily News – CryptoQuant analyst Axel Adler stated in an article that Bitcoin has lost its structural upward momentum amid a sharply deteriorating macro environment. This is an important signal, indicating that the market is currently more in a 'Risk-off' phase. Until the on-chain 'Impulse' indicator returns above the zero axis, every rebound of BTC remains unconfirmed. He pointed out that the recently released fourth part of his report, *Decision Architecture for Bitcoin*, focuses on constructing a macro framework based on the US Dollar Index (DXY), 10-year US Treasury yield, and the VIX Volatility Index. The core viewpoint is that not all macro fluctuations disrupt on-chain structures, but when macro factors truly enter a 'dominant mode,' even if on-chain data is positive, the market may temporarily lose upward momentum. Additionally, CryptoQuant has introduced a new U.S. Spot Bitcoin ETF dashboard this week, covering data such as weekly net inflows, cumulative flows, 30-day ETF Flow Momentum, demand changes over the past four weeks, and fund distribution across various ETFs. Currently, the 30-day ETF momentum stands at only $362.8 million, compared to its peak of $13.21 billion in December 2024 and its low of -$5.36 billion in November 2025. Adler emphasized that the Coinbase Premium Index remains a key indicator for observing U.S. spot demand: when this index consistently stays above zero, it indicates that U.S. buying interest is still supporting the market; if it turns negative, even if BTC rises, its trend may lack genuine support from U.S. demand.