ETF outflows of $2.2 billion over two weeks, while SpaceX's on-chain IPO secretly has a few million in trading volume—traditional institutions and on-chain native players are playing two different games.

Analysis suggests that rising yields in the U.S. and global bond markets have weakened the willingness to allocate to high-risk, interest-free assets; escalating tensions in Iran have boosted concerns over supply risks in the Strait of Hormuz, leading to capital inflows into commodities such as crude oil, copper, and sulfur. Bitcoin has fallen over 3% in the past 24 hours, retreating about 10% from the early May high of approximately $82,500. The U.S. spot Bitcoin ETF experienced net outflows of about $1.26 billion this week, totaling over $2.26 billion in the past two weeks, while market attention is on the potential IPO transaction volume of blockchain-based SpaceX, which has already reached several million dollars.