In the past hour, total liquidations across the network reached $13.81 million, with $2.10 million from long positions, with $11.71 million from short positions. BTC liquidation $7.05 million, ETH liquidation $2.07 million.

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.