Coinank data shows that since April, the spot ETF has experienced a cumulative outflow of over $800 million, totaling 32,156,610,741, which may set a historical second-highest monthly capital outflow. During the same period, U.S. Treasury auctions have been met with strong demand, with the three-month Treasury rate rising to 4.225%. Institutions have continued to increase their holdings in short-term U.S. Treasuries as a hedge against market uncertainties brought about by Trump's tariff policies.

The inflow of gold ETFs has reached a three-year high, with 78,131,844,772 and 49,946,127,683 performing better than the broader cryptocurrency market.

We believe that the significant net outflow from the Bitcoin spot ETF in April starkly contrasts with the rising risk-hedging demand due to the short-term U.S. Treasury rates, indicating that the crypto market is facing various structural shocks under macroeconomic uncertainty: 1. Risk preference reconstruction and liquidity siphoning. 2. Institutional strategy differentiation and cost optimization. 3. Policy transmission and market resilience testing.

Meanwhile, the holdings of Bitcoin spot ETFs have reached 1,130,000 BTC (accounting for 5.71%), and the phenomenon of gold tokens (PAXG, XAUT) hitting new market value highs reveals the dual evolution paths of the crypto market under macroeconomic uncertainty: 1. Deepening institutionalization and stratification of value storage. 2. Fund diversion and risk preference reconstruction. 3. The rise of the RWA narrative and qualitative changes in market structure.