Woofun AI notes that Bitcoin has recently shed its structural bullish momentum, signaling a transition toward a risk-off market regime. CryptoQuant analyst Axel Adler Jr. emphasized that BTC’s upward structural integrity erodes when macroeconomic conditions deteriorate rapidly. Until the Impulse indicator reclaims positive territory above the zero axis, current price rebounds remain unconfirmed and potentially fragile.

Macro drivers, including the US Dollar Index (DXY), 10-year Treasury yields, and the VIX volatility index, are currently exerting dominant influence over price action. This macro dominance can temporarily override strong on-chain fundamentals.

Concurrently, US spot Bitcoin ETF flows have weakened significantly, with 30-day momentum standing at $362.8 million, a stark contrast to the $13.21 billion peak recorded in December 2024. Market participants are advised to monitor the Coinbase Premium Index closely; sustained positive readings indicate genuine US buying pressure, whereas negative values suggest rallies lack substantive institutional support.