Bitcoin has entered a risk-off phase, losing its structural upward momentum amid a challenging macroeconomic environment, according to CryptoQuant analyst Axel Adler. Adler highlighted that Bitcoin's on-chain 'Impulse' indicator needs to rise above zero to confirm any rallies. His analysis, part of the 'Decision Architecture for Bitcoin,' uses the U.S. Dollar Index, 10-year Treasury yield, and VIX volatility index to assess macro impacts on Bitcoin. CryptoQuant also launched a new dashboard for U.S. spot Bitcoin ETFs, revealing a 30-day ETF momentum of $362.8 million, significantly lower than the $13.21 billion peak in December 2024. Adler noted the importance of the Coinbase Premium Index as a measure of U.S. demand, indicating that a negative index could suggest a lack of genuine support for Bitcoin's price movements.