BlockBeats News, February 15 — CryptoQuant analyst @AxelAdlerJr stated that the Bitcoin basis (7-day simple moving average) has fallen back into the neutral zone as the premium between spot and futures narrows significantly.
He pointed out that this change indicates the demand for establishing long positions through derivatives is weakening, and the market is no longer pricing in an aggressive risk appetite scenario. Typically, this suggests a decline in risk appetite, the start of deleveraging, and investors shifting to a wait-and-see stance.
Axel Adler Jr believes that the derivatives market has not been able to continue driving prices higher. If bulls want to regain momentum, they will need stronger spot buying support.
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