Although earlier we saw high-net-worth investors buying in, long-term investors holding on, and exchange reserves decreasing—all indicating that there’s still capital flowing into BTC—the overall capital flow shows that the market is still in a net outflow situation. Actually, back in early March, the outflow had already slowed down, and there was even a trend of capital starting to flow back in. But then came the geopolitical conflict in Iran. Compared to early March, while the changes aren’t huge, the outflow has still increased somewhat. Moreover, from a broader macro sentiment perspective, investors are now expecting that by 2026 in the U.S., not only is a rate cut unlikely, but the probability of further rate hikes is increasing, along with expectations of a higher chance of economic recession. Bitget VIP—lower fees, bigger perks!