According to Svmuu, Bitcoin has recently faced significant selling pressure, and its current trend is highly correlated with the U.S. small-cap stock index. This indicates that the market still views it as a "risk asset" rather than a safe-haven tool. Meanwhile, the funding rate for Bitcoin perpetual contracts has turned negative recently, suggesting a clear lack of demand for leveraged long positions, with traders remaining cautious about short-term upside. However, from a medium-term perspective, large-scale outflows from the fixed-income market could actually be bullish for Bitcoin. With 10-year government bond yields in both the U.S. and Europe rising to multi-year highs, investors are gradually exiting the bond market, and some liquidity may flow back into risk assets, including Bitcoin, in the future. (Cointelegraph)