Bitcoin trades at $73,447, Ethereum at $2,012.64, with both declining less than 0.5% over 24 hours. On the surface, price fluctuations seem minor, but the underlying capital flow indicates the market is contracting. Bitcoin spot ETF has experienced net outflows for 10 consecutive trading days, with another $125 million flowing out yesterday, showing that institutional funds are continuing to withdraw through compliant channels. Meanwhile, the US money market fund size has hit a record high of $8.281 trillion, indicating that traditional financial markets are flooding into cash-like assets for safety. This macro preference for "cash is king" has directly suppressed the demand for risk assets. On-chain data also confirms this: in the past week, early Ethereum holders sold $136 million worth of ETH, mining company Bitdeer sold all 206 BTC mined this week to maintain zero holdings, even miners are no longer hoarding coins. On the regulatory front, the US is advancing the PARITY Act to improve tax rules while demonstrating enforcement muscle by seizing $1 billion in crypto assets related to Iran. The Fear & Greed Index is at 24, in extreme fear territory. Although funding rates remain positive, open interest is declining, reflecting that the market is choosing to stay on the sidelines with real money.