According to Huoxun Finance, as the price of HYPE continues to hit new historical highs, a newly created wallet withdrew 63,780 HYPE from Bybit, corresponding to a value of approximately $4.06 million.

According to Lookonchain monitoring, as HYPE continues to reach new highs, a newly created wallet withdrew 63,780 HYPE from Bybit, worth $4.06 million.

According to Huoxun Finance, CryptoQuant analyst Axel Adler points out that Bitcoin has lost its structural upward momentum due to the rapidly deteriorating macroeconomic environment, and the market has entered a risk-averse phase. Before its on-chain "Impulse" indicator returns above the zero line, every BTC rebound lacks confirmation. His fourth part of "Decision Architecture for Bitcoin" constructs a macroeconomic framework based on the US dollar index, 10-year US Treasury yield, and the VIX volatility index. The core argument is that not all macroeconomic fluctuations will disrupt the on-chain structure, but when macroeconomic factors enter a "dominant mode," even with positive on-chain data, the market may temporarily lose upward momentum. Furthermore, CryptoQuant added a US spot Bitcoin ETF dashboard this week, covering weekly net inflows, cumulative flows, 30-day ETF Flow Momentum, demand changes over the past four weeks, and fund fund distribution data. Currently, the ETF's 30-day momentum is only $362.8 million. This indicator reached a high of $13.21 billion in December 2024 and fell to a low of -$5.36 billion in November 2025. Adler emphasized that the Coinbase Premium Index remains an important indicator for observing US spot demand: a sustained level above zero indicates that US buying is supporting the market, while a negative level suggests that even if BTC rises, there is a lack of real US demand to support it.

According to Odaily Planet Daily, CryptoQuant analyst Axel Adler stated that Bitcoin lost its structural upward momentum amid a rapidly deteriorating macroeconomic environment, a significant signal that the market is currently more in a "risk-off" phase. Every BTC rally lacks confirmation until its on-chain "Impulse" indicator returns above the zero line. He pointed out that Part 4 of his recently released "Decision Architecture for Bitcoin" focuses on building a macroeconomic framework based on the US Dollar Index (DXY), the 10-year US Treasury yield, and the VIX volatility index. The core argument is that not all macroeconomic fluctuations disrupt the on-chain structure, but when macroeconomic factors truly enter a "dominant mode," even with positive on-chain data, the market may temporarily lose upward momentum. Furthermore, CryptoQuant added a US spot Bitcoin ETF dashboard this week, covering data such as weekly net inflows, cumulative flows, 30-day ETF Flow Momentum, demand changes over the past four weeks, and fund fund distribution. Currently, the 30-day momentum of ETFs is only $362.8 million, while this indicator reached a high of $13.21 billion in December 2024 and fell to a low of -$5.36 billion in November 2025. Adler emphasized that the Coinbase Premium Index remains an important indicator for observing US spot demand: when this indicator remains above zero, it means that US buying is still supporting the market; if it turns negative, even if BTC rises, its trend may lack support from real US demand.

According to Huoxun Finance, on-chain data monitoring shows that Strategy's newly opened Ethereum long positions were all liquidated this morning, and its 40x leveraged Bitcoin short positions were partially liquidated and reduced. Currently, it only holds 8.332 BTC, and the overall position has turned from profit to loss, with a current investment return rate of -73.05%.