[Analysis: Bitcoin Faces Significant Selling Pressure Recently, Correlation with U.S. Small-Cap Index Increases] According to a report by Jinse Finance, Bitcoin has recently encountered significant selling pressure, with its current trend showing a high correlation with the U.S. small-cap index. This indicates that it is still regarded by the market as a 'risk asset' rather than a safe-haven tool. Additionally, the funding rate for Bitcoin perpetual contracts has recently turned negative, suggesting a clear lack of demand for leveraged long positions, and traders remain cautious about short-term price increases. However, from a mid-term perspective, the large-scale outflow of funds from the fixed-income market could actually benefit Bitcoin. As the 10-year Treasury yields in both the U.S. and Europe have risen to multi-year highs, investors are gradually withdrawing from the bond market. Some of this liquidity may eventually flow back into risk assets, including Bitcoin.