TechFlow News: On February 15, CryptoQuant analyst Axel Adler Jr. noted in a post that Bitcoin’s basis (7-day moving average) has retreated into the neutral zone, primarily due to a rapid narrowing of the premium between spot and futures prices. This indicates weakening demand for establishing long exposure via derivatives, and the market is no longer pricing in aggressive “risk-on” sentiment. Typically, such a structural shift signals declining risk appetite, accelerated deleveraging, and capital shifting into a wait-and-see mode.





