Recently, market analysis firm 10x Research has been monitoring the trading dynamics of Bitcoin, particularly noting that the performance of the Bitcoin spot ETF has failed to capitalize on the market downturn, instead experiencing continuous outflows. This phenomenon reflects a cautious attitude towards cryptocurrencies in the market, especially with no significant stablecoin inflows observed, which may indicate a decline in investor confidence in the crypto market. Against this backdrop, buying activity in the market is relatively weak, making market direction difficult to predict. Notably, despite attempts by the market to rebound, such as attempting to break through the price range of $56,000 to $57,000, this effort faced significant resistance. Although the Bank of Japan's statement had generated some expectation for a rebound, due to its decision to 'pause' rather than reverse previous rate hikes, additional uncertainty was brought to the market. The key takeaway is that even though the market may be temporarily influenced by specific events like the Bank of Japan's statement in the short term, both the Nasdaq index and Bitcoin face downside risks in the long run. This view emphasizes the importance for market participants to stay vigilant and adjust investment strategies appropriately, especially given the current macroeconomic environment's uncertainties.