Adler AM: Bitcoin Morning Brief

Daily Bitcoin analysis focused on market structure, liquidity flows, and macro signals. Adler AM is updated 5× per week - clear insights, no noise.

Page 22 of 22

Sentiment shifts to Fear, valuation closer to Base

Fear & Greed 30DMA = 49.4%, index itself in Fear, Fear & Greed 90DMA = 61.6% still above median but turning down. MVRV Z-Score (365D) = −0.3 - no overheating,

Sep 24, 2025 4 min read

Derivatives are cooling, spot buying sustains Bitcoin

With a Futures - Spot basis = 0.43%, Bitcoin is sustained by spot demand rather than leverage. TL;DR Low derivative "temperature" (basis = 0.43%, pressure = 10) keeps Bitcoin

Sep 23, 2025 3 min read

Axel Adler Jr

Adler AM: Bitcoin Morning Brief

Page 22 of 22

Sentiment shifts to Fear, valuation closer to Base

Derivatives are cooling, spot buying sustains Bitcoin

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