10X Research released a report saying that bitcoin spot ETFs have not seized the opportunity of falling recently, but have continued to flow out, without significant inflows from stablecoins. The lack of buyers in this decline is worrying and makes the market direction unclear. Yesterday, it noted Bitcoin's attempt to rally, but highlighted the strong resistance in the $56,000 to $57,000 range, which hindered the rally triggered by the BOJ statement. However, the BOJ did not press the rewind button, just the "pause" button, as they may raise interest rates again. The key message we conveyed is that even if the market overtakes the hype of the Japanese carry trade news, downside risks remain in the Nasdaq index, and Bitcoin may fall further.