Institutional funds continue to flow out. U.S. spot Bitcoin ETFs have seen large-scale net outflows in a row, with institutional risk appetite clearly declining, weakening market buying. The macro environment has turned more hawkish. Market expectations for a Fed rate cut have cooled, and there has even been a temporary repricing of the possibility of a rate hike. The high-interest-rate environment suppresses risk assets, including Bitcoin. Capital is flowing into hot assets like AI.