分析：Bitcoin Faces Clear Selling Pressure Recently, Correlation with US Small-Cap Index Rises

Odaily Odaily reports that Bitcoin has recently faced significant selling pressure, with its current trajectory showing a high correlation with the US small-cap index, indicating that the market still views it as a "risk asset" rather than a safe haven tool. Meanwhile, the Bitcoin perpetual contract funding rate has recently turned negative, suggesting a clear lack of demand for leveraged long positions in the market and that traders remain cautious about short-term upside. However, from a medium-term perspective, large-scale capital outflows from the fixed-income market could actually be beneficial for Bitcoin. As 10-year government bond yields in both the US and Europe have risen to multi-year highs, investors are gradually exiting the bond market, and some of this liquidity may flow back into risk assets, including Bitcoin, in the future. (Cointelegraph)