Odaily reported that CryptoQuant analyst Axel Adler Jr said the market was significantly influenced this week by SpaceX’s large-scale IPO. According to his post, the event increased cross-asset risk attention. While the overall risk appetite indicator remains in a deviated range, the shift in sentiment has provided some easing of market pressure.
Bitcoin Repairs From the $60,000 Low
For Bitcoin, Axel Adler Jr described this week as a repair phase following the move from the $60,000 low. However, he said structural selling pressure is still present. Data showed that exchanges recorded net outflows of about 20,900 BTC this week, indicating that the ongoing selling pressure has not yet been fully relieved.
He added that the short-term rebound was 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. Axel Adler Jr characterized the current market as a transitional state in which repair and deleveraging are taking place at the same time.