$BTC The Federal Reserve does not cut interest rates, the US dollar appreciates, US bond yields rise, and investors flock to buy government bonds and gold, while high-risk assets like ETH are being sold off in a frenzy. Trump's tariff policy has led to high inflation expectations in the US, with everyone feeling that the economy is heading towards stagflation, making money less valuable and the economy weaker, resulting in less willingness to invest in cryptocurrencies.

Policy suppression, institutional withdrawal

The US SEC requires that ETH spot ETFs cannot participate in staking rewards, leading Grayscale to sell off ETH in large amounts, with a single-day sell-off reaching up to $73.6 million, causing institutional confidence to collapse.

-The annualized return for staking ETH is only 3.12%, lower than competitors like Solana, prompting Middle Eastern tycoons and BlackRock to shift to higher-yield projects.