Cryptoquant analyst Axel Adler Jr. released a market analysis stating that the current market is in a neutral to bearish bias:

both price and derivative volume are below 50. Although active buying (taker flows) remains negative and weak, any price rebound is more likely to be a return to the fair value/30-day range around $113,000, rather than the start of a new trend.

Essentially, the current fund flows do not confirm the market's risk appetite. The recent bullish scenario is a technical rebound to $113,000 to $115,000, accompanied by stable fund flows. To achieve a market reversal, we need fund flows above 55 and a price index above 50. Until these conditions occur, there is a risk of repeated testing of the lower edge of the market.