The Bitcoin spot-futures premium has returned to neutral territory, according to CryptoQuant analyst Axel Adler Jr. The 7-day moving average of the BTC Basis has fallen significantly, indicating a weakened demand for long positions in derivatives. This shift suggests a declining risk appetite and a market leaning towards a cautious stance. With derivatives no longer driving the market higher, bulls will require increased spot buying support to push Bitcoin prices upward. The current market conditions reflect a move away from aggressive risk-taking, signaling potential deleveraging and a wait-and-see approach among investors.