Macroeconomic funding costs are increasing, and institutional demand has not yet been confirmed to have recovered. 1️⃣ The US October overall CPI rose 0.4% month-on-month, and core CPI rose 0.3%, both higher than market expectations. 2️⃣ Federal Reserve Governor Waller publicly expressed a tendency to further raise interest rates. ETFs for BTC and ETH have seen significant net outflows in the last five full trading days.