Odaily reported that CryptoQuant analyst Axel Adler Jr said this week’s market was significantly influenced by SpaceX’s large-scale IPO, which brought cross-asset risk attention into focus. According to his post, overall risk appetite indicators remain in a deviation zone, but at the sentiment level the SpaceX IPO has provided a degree of relief to market pressure.
Bitcoin recovery from the $60,000 low
For Bitcoin, Axel Adler Jr described the current week as a recovery phase following the low near $60,000. At the same time, he said structural selling pressure has not disappeared. Data showed that exchange net outflows reached about 20,900 BTC this week, which he linked to persistent selling pressure that has not yet been fully eased.
He added that the short-term rebound has been mainly driven by short covering. Short positions accumulated over the past month are being liquidated in a concentrated manner, creating temporary price support. Miner pressure has also started to appear, while overall risk appetite has not clearly turned positive. In his view, the market is in a transitional state where recovery and deleveraging are taking place at the same time.