Bitcoin futures market indicators have shown signs of improvement, according to a report by CryptoQuant analyst Axel Adler Jr. For the first time in a month, futures prices have surpassed spot prices, with the basis turning positive in early July after reaching a low of -0.40% in June. Additionally, the 30-day moving average of the open interest index has turned positive, indicating a recent surge in long positions and a revival of risk appetite. Despite these positive signals, Adler Jr. cautions that the improvements are still modest. The futures premium is only slightly above zero, and the open interest index has shown signs of cooling in recent days. The current market conditions suggest a normalization rather than a definitive trend reversal, with sustained positive basis and open interest needed to confirm a shift. The main concern remains whether the renewed leverage demand can be maintained or if it will lead to another round of market deleveraging.