Analyst: Bitcoin Basis Enters Neutral Range, Derivative Long Demand Cools Off

BlockBeats News, February 15th, CryptoQuant analyst @AxelAdlerJr posted, stating that the Bitcoin basis (7-day moving average) has fallen back to the neutral range as the premium between spot and futures has significantly narrowed.

It pointed out that this change indicates a weakening demand to build long positions through derivatives, and the market is no longer pricing in an aggressive "risk-on" scenario. Typically, this suggests a decrease in risk appetite, the start of a deleveraging process, and investors transitioning into a wait-and-see mode.

Axel Adler Jr believes that the derivative market is currently unable to continue driving the price upward, and if the bulls want to regain momentum, they need stronger support from spot buying pressure.