The ETF's half-month net outflow isn't due to a deterioration in the crypto market's internal fundamentals, but rather a direct reflection of Wall Street's macro asset reallocation. May's inflation data uptick has pushed back expectations for Fed rate cuts, and the sustained high-interest environment is continuously draining marginal liquidity from risk assets. In traditional institutions' risk control models, BTC's underlying logic is equivalent to high-volatility tech stocks. Given the potential risk of an economic hard landing under the current high-interest environment, any pullback pressure in U.S. equities triggers institutions' risk-averse mechanisms, prioritizing the sell-off of high-volatility peripheral assets to lock in profits or cover margin calls. This is the core driver behind the recent sell-off data. Major funds are using this macro bearish window to conduct deep market shakeouts. The continuous low-volume sell-offs and transparent outflow data have significantly eroded the psychological defenses of high-level momentum traders. Market sentiment has now dropped to freezing point. As bearish momentum is released, selling pressure is showing a marginal decline. However, confirming a bottom structure can't rely on subjective assumptions. Whether the market can truly stabilize still depends on the performance of U.S. equities and the actual strength of buy-side liquidity. In trading, avoid emotional shorting and patiently wait for liquidity tests at key support levels.