Svmuu News: CryptoQuant analyst Axel Adler Jr. noted in a post that the market has been significantly impacted this week by SpaceX’s massive IPO, sparking cross-asset risk concerns. Although overall risk appetite indicators remain in the negative territory, sentiment-wise, this has somewhat alleviated market pressure.For Bitcoin, this week marks a recovery phase following the low of $60,000, but structural selling pressure persists. Data shows net outflows of approximately 20,900 BTC from exchanges this week, indicating that the ongoing selling pressure has not yet fully subsided.The short-term rebound is primarily driven by short covering, as short positions accumulated over the past month are being liquidated in a concentrated manner, forming temporary price support. Additionally, pressure from miners is beginning to emerge. Overall risk appetite has not yet turned significantly positive, and the market remains in a transitional state of “concurrent recovery and deleveraging.”