An analysis suggests that while BTC has exited the panic selling phase, capital inflow is approximately 98% weaker compared to the 2024 bull market, meaning it's not a full-fledged shift towards risk-on sentiment. On-chain analyst Axel Adler Jr. stated, "The realized profit/loss ratio recovered to 1.13 on May 10 after passing through the panic zone (below 0.5) from February 5 to March 21, indicating an exit from the loss phase." However, he analyzed, "The 30-day moving average of net change in realized market capitalization exceeded 0 on May 2 but only reached +0.008%, which is extremely weak compared to the expansion periods of March 2024 (+0.534%) and December (+0.472%)." He added, "Currently, the market is in a moderate recovery phase, and the accelerated rise in the net change in realized market capitalization metric will be the key trigger for confirmed recovery."
