Analysts: Macroeconomic environment drags down price action, Bitcoin enters risk aversion mode

CoinFeed reported on May 24th that CryptoQuant analyst Axel Adler Jr. pointed out that Bitcoin's structural bullish momentum has disappeared as the macroeconomic environment has deteriorated sharply, and the market has entered a risk-averse mode. A BTC rebound requires the momentum to return to positive territory. He also stated that the macroeconomic analysis system based on the US dollar index, US Treasury yields, and VIX emphasizes that when a macroeconomic "coverage mode" is activated, even if the on-chain fundamentals are good, the market will temporarily weaken. Furthermore, data from the US spot Bitcoin ETF dashboard shows that current ETF liquidity is $362.8 million, far below the peak of $13.21 billion in December 2024, but higher than the trough of $5.36 billion in November 2025, indicating that the market is in a phase of moderate accumulation.