CryptoQuant analyst Axel Adler Jr. posted on Platform X that BTC futures are trading above spot, with the basis remaining positive as the 7‑day average surpasses the 30‑day average — a common derivatives metric signaling a bullish tilt.
Adler flagged short‑term overheating and divergence signals ahead of the Federal Open Market Committee meeting, noting the basis increased on relatively light volume, which can indicate the advance is in a late‑stage phase rather than sustained broad participation.
Looking ahead, he sees a higher probability of gradual upside or sideways consolidation over the next two weeks; if a set of green confirmations — rising price, stronger basis and expanding open interest — appears, that would suggest renewed long participation and raise the chance of a new ATH.
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