BlockBeats news, on May 24, CryptoQuant analyst Axel Adler Jr. posted that Bitcoin has recently lost its structural bullish momentum, with the current market nearing a "risk-off" phase. He noted that the structural bullish momentum of BTC disappeared as the macro environment rapidly deteriorated, which is a significant signal. Until the "Impulse" indicator returns above the zero line, all current rallies remain unconfirmed.
Macroeconomic factors are currently regaining dominance in the market, including the U.S. Dollar Index (DXY), the 10-year U.S. Treasury yield, and the VIX volatility index. It is believed that when the macro environment enters a "dominant mode," even strong on-chain data may temporarily lose its influence. Additionally, the U.S. spot Bitcoin ETF dashboard shows that the current 30-day ETF fund flow momentum stands at $362.8 million, significantly below the peak of $13.21 billion reached in December 2024.
The market should pay attention to the Coinbase Premium Index, which remains an important proxy for measuring U.S. spot demand. When this index remains consistently above zero, it indicates that U.S. buying pressure is still present; if it turns negative, even a rise in BTC may lack genuine U.S. capital support.