CryptoQuant analyst: The crypto market has not yet emerged from a risk-averse phase, and Bitcoin still faces structural selling pressure.

CoinFeed reported on June 14th that CryptoQuant analyst Axel Adler Jr. stated that the market was significantly impacted by SpaceX's massive IPO this week. Although the overall "Risk On/Off" indicator remains in the positive (risk deviation) range, the market successfully absorbed the offering, providing some relief to policy pressure on a sentiment level. He pointed out that, driven by related narratives, SpaceX's market capitalization briefly surpassed Bitcoin's, raising concerns about cross-asset risk. For Bitcoin, this week was a recovery phase from its $60,000 low, but structural selling pressure persists. Data shows a net outflow of approximately -20.9K BTC from exchanges this week, indicating that the ongoing selling pressure has not yet fully subsided.