Here is the English translation: Under the concerns of the Trump tariff war, the cryptocurrency market crashed badly this week. Bitcoin fell below $87,000 on the 25th, and according to CoinGlass data, 11 Bitcoin spot ETFs saw a net outflow of $937.9 million on the 25th, the largest single-day net outflow on record, marking the 6th consecutive trading day of capital outflows. Among them, Fidelity's FBTC saw an outflow of $344.7 million, the largest single-day outflow on record for that ETF. BlackRock's IBIT saw an outflow of $164.4 million, ranking second, and Bitwise's BITB saw an outflow of $88.3 million, ranking third. Additionally, two Bitcoin spot ETFs under Grayscale saw a combined outflow of $151.9 million, including $66.1 million from GBTC and $85.8 million from BTC. So far this month, these 11 Bitcoin spot ETFs have seen a cumulative outflow of about $2.4 billion, with only 4 trading days seeing net inflows. ETF Store president Nate Geraci expressed surprise at the extent of traditional finance's (TradFi) aversion to Bitcoin and cryptocurrencies, stating that they start celebrating greatly whenever the market declines, but he wants to remind them that no matter how much it falls, Bitcoin will not disappear. Hedge funds taking profits have put pressure on the currency market Industry experts such as BitMEX founder Arthur Hayes and 10x Research head Markus Thielen have pointed out that most Bitcoin spot ETF investors are actually hedge funds, whose main purpose is to profit through arbitrage strategies rather than long-term holding of Bitcoin. Arthur Hayes predicted on the 24th that due to the continued outflow of funds from Bitcoin spot ETFs, Bitcoin could fall to $70,000. He explained that many IBIT holders are hedge funds, who long the ETF and short the CME Bitcoin futures to obtain higher arbitrage returns than short-term US Treasuries. However, when Bitcoin falls and the basis arbitrage returns shrink, these funds will close their IBIT positions and cover their CME futures shorts, further impacting market prices. Markus Thielen's research report on the 24th also pointed out that more than half of Bitcoin spot ETF investors are arbitrage traders, but he stressed that these trades are essentially market-neutral strategies, as they buy Bitcoin futures when selling the spot ETF, which actually offsets the directional impact on the market. The market is severely affected by the overall economy Experts told BlockTempo that the correlation between Bitcoin price movements and Bitcoin spot ETFs is becoming stronger, and is closely related to the performance of the US stock market. This means that when traditional financial markets like US stocks experience volatility, Bitcoin and spot ETFs may also be affected simultaneously. Experts warn that investors should pay close attention to changes in interest rate and tariff policies facing Trump after taking office. Under Trump's more aggressive trade policy, coupled with a series of weak economic data, the market's appetite for risky assets like Bitcoin has been greatly reduced, which may trigger a demand for safe-haven assets, leading to further declines in the cryptocurrency market.