The cryptocurrency market is experiencing multiple headwinds, including stalled regulatory progress, outflows from spot Bitcoin ETFs, and rising yields in traditional markets. Progress on the U.S. Senate's "Clarity Act" has stalled, and the U.S. Securities and Exchange Commission (SEC) is reportedly further delaying its "Innovation Exemption" rule, which aims to simplify the trading of tokenized securities on blockchain networks. Furthermore, the SEC's "Crypto Regulation" meeting, originally scheduled for Friday, was abruptly postponed without a new date. In terms of fund flows, U.S. spot Bitcoin ETFs have seen net outflows of $333 million so far this week, reversing last week's inflow trend of $853 million, with cumulative outflows exceeding $4 billion year-to-date. On the macro front, the yield on the U.S. 30-year Treasury auction on Thursday reached 5.22%, a new high since 2001, pushing up the cost of capital and increasing the opportunity cost of holding non-yielding assets like Bitcoin.