Crypto market analyst Axel reports that the Bitcoin network has experienced consistent capital outflows since early 2026, leading to a continuous decline in the realized market cap. The 30-day change in realized market cap remains negative at -0.32%, though it has improved from -0.54% at the start of April, indicating a slowdown in outflows. Axel emphasizes that the market remains in a structural bear market defensive state, with a bullish reversal dependent on the return of fresh capital inflows.