BTC hasn’t shown a breakdown as significant as U.S. stock futures yet, but there’s still a time lag in ETF flows. Contract OI, funding rates, and liquidation data vary across platforms, so in the short term, it’s better to focus on 'deleveraging' rather than chasing trends. Nasdaq futures are down about 1.3%, S&P futures down about 0.5%, 10Y U.S. Treasury yield is nearing 4.97%, Brent crude has risen above $107; the dollar is strong, gold is pulling back, and the market is trading on the theme of 'oil prices driving inflation—higher interest rates.' SK Hynix is down over 5%, with AI storage taking a hit on valuations, though the industry logic hasn’t been disproven yet. My framework: BTC should first test the previous low support, don’t chase the rebound; wait for U.S. Treasury yields and oil prices to reverse before discussing the second phase of risk asset trends.