BTC upside momentum in derivatives weakens, but market not yet bearish

Bitcoin’s recent upside momentum in the derivatives market has weakened sharply, but the market has not yet shifted into a bearish phase, cryptocurrency analyst Axel Adler Jr. said on X. Adler said the Bitcoin Derivative Market Power indicator fell to 13% from 41%, showing the derivatives market’s ability to drive price gains has dropped significantly. Adler added that BTC also saw a correction in June alongside a similar decline in the indicator, but current buying demand appears firmer than it was at that time. Adler said derivatives fund flows could become a key market variable going forward, and if the indicator turns negative again, selling pressure could retake the lead.