Last week, digital asset investment products experienced a net outflow of $454 million. Behind this wave of selling, the main reason is that market enthusiasm for the Federal Reserve's rate cut in March has significantly cooled down.

Specifically, Bitcoin still accounts for the majority, with an outflow of about $405 million, roughly nine-tenths of the total outflow. Ethereum followed closely, with a net outflow of approximately $116 million. The coordinated selling pressure from these two giants directly reflects a rapid shift in market risk appetite.

However, there are some bright spots. Solana, XRP, and Sui, these three emerging stars, recorded inflows against the trend. Solana saw an inflow of $32.8 million, XRP received $45.8 million, and Sui attracted $7.6 million. This divergence indicates that although overall sentiment is bearish, market expectations for certain sectors still persist.

From the perspective of capital flow, changes in policy expectations remain the key variable determining the market's short-term direction.