I recently reviewed the crypto market data and something caught my attention. Since the beginning of the year, capital has been constantly flowing out of Bitcoin, and realized market capitalization remains negative, although the situation has slowed down a bit in recent weeks.

According to the analysis cited by BlockBeats, at the beginning of April, the decline was -0.54%, and now it has improved to -0.32% over the last 30 days. But here’s the interesting part: while the market remains in this typical defensive state of a structural bear market, BTC has just shown an +11.54% increase in the last 30 days. It’s as if there’s a conflict between what the capital indicators are saying and what the price is doing.

Analyst Axel points out that for the trend to truly change and exit this bear market, we need to see genuine fresh capital inflows. For now, capital outflows have slowed, but that’s not enough. We’ll need to watch whether upcoming data confirms a real turnaround or if it’s just a technical rebound.