The 10-year U.S. Treasury yield is surging, SpaceX's upcoming IPO is draining market liquidity, and uncertainties around U.S.-Iran issues persist. These factors are weighing on the market's tight liquidity and risk appetite. Currently, USD liquidity is recovering, the total supply of USD stablecoins is increasing, but the USDC exchange rate is soaring, and high-risk appetite funds continue to flow out.