1. Macro Analysis: "Safe Haven" Narrative Fails & Bond Yield Inversion

· Main Reason: The "Bitcoin as a safe haven" narrative collapsed as US Treasury yields surged to their highest level since 2007 (30-year yield reached 5.13%).

· Missed Opportunity: The Fear & Greed Index ended its session at 39, entering the "Fear" zone after being at 50 (Neutral) just days earlier.

· Rate Expectations: Markets are now pricing a 98% chance that the Fed will keep rates unchanged in June, with expectations emerging of a 44% probability of a rate hike by December. This means a difficult liquidity environment for cryptocurrencies.

2. Regulatory Impact: "CLARITY Act" Short-Lived Effect

· Event: The US Senate passed the "CLARITY Act," which establishes a clear regulatory framework for cryptocurrencies.

· Analysis: Contrary to expectations, the approval of the law turned into a classic "Sell the News" event. Bitcoin rose to $82,000 just before the announcement, then collapsed to $78,000 immediately after.

· Reason: The market had already "priced in" this positive news beforehand. Once it was actually enacted, investors preferred to take profits due to the rising compliance costs imposed by the law.

3. Market Picture: Institutions Retreat & Whales Sell

· Fund Flows: Spot Bitcoin ETFs recorded outflows exceeding $1 billion in just one week, marking the largest institutional exodus in months.

· Whale Behavior: On-chain data indicates that "whales" (large holders) are currently reducing their risk exposure, while retail investors are still trying to buy the dip.

4. The Outliers (Exceptions)

Despite the sharp decline, some coins posted positive or resilient performance:

· Hyperliquid (HYPE): Rose 7%, the best performance among major coins.

· Zcash (ZEC): Held up well with increased open interest on its futures contracts.

· Tron (TRX): Recorded a slight gain of 0.7% amid the red market.