[Analyst: Macro Environment Drags Down Trend, Bitcoin Enters Risk-Averse Mode] CryptoQuant analyst Axel Adler Jr noted in a post that Bitcoin's structural bullish momentum has disappeared amid a sharply deteriorating macro environment, and the market has entered a risk-averse mode. A BTC rebound will require momentum to return to the positive range. He also stated that the macro analysis framework, including the US Dollar Index, US Treasury yields, and the VIX, emphasizes that when the macro 'overriding mode' is activated, the market may temporarily weaken even if on-chain fundamentals remain strong. Additionally, data from the U.S. spot Bitcoin ETF dashboard shows that the current ETF fund flow stands at $362.8 million, significantly lower than the peak of $13.21 billion in December 2024 but higher than the trough of -$5.36 billion in November 2025. The market is currently in a phase of moderate accumulation.