According to CoinMeta, Wu said that QCP Capital indicates that Bitcoin has fallen back to around $77,000 after reaching approximately $82,000 last Thursday, with a decline of about 2% this week and this month. QCP believes that the recent weakening of BTC is mainly due to the rise in U.S. long-term Treasury yields, with the 10-year Treasury yield approaching 5%, and high-risk-free rates are undermining the liquidity support for crypto assets. This week, U.S. spot BTC ETF has seen net outflows for three consecutive days, and the options market is also clearly pricing around tonight's CPI data. QCP also pointed out that the 50-day moving average of BTC has just crossed above the 200-day moving average, forming the first “golden cross” of this cycle around $70,000–$71,000. They believe that in the medium term, if the U.S. Treasury further expands long-term Treasury repurchases and directs more financing towards short-term treasury bills, the liquidity environment may eventually become more favorable for BTC, but in the short term, there is still a need to digest the pressure brought about by the rise in Treasury yields.